Sustaining Our Momentum in Public and Private Arenas

UNITED WE THRIVE Sustaining Our Momentum in Public and Private Arenas

2016 ANNUAL REPORT MESSAGE FROM THE CHAIR

FY2016 has been a productive year for the National Women’s Business Council and a year full of progress for women entrepreneurs. The Senate and the House Small Business Committees each passed bills that aimed to raise the grant ceiling for the Small Business Administration’s Women’s Business Center program for the first time since the original authorization, H.R. 5050, created this program in 1988. In June, the White House convened the first ever national summit focusing on women — The United State of Women — looking at gender issues across all areas. While women entrepreneurs have always been a backbone of this country’s economy, this unprecedented action by the federal government recognizes the influence that women business owners continue to have on its growth and success. Our economy is better than it was eight years ago, and we celebrate that a significant contribution to this stronger, more durable economy has been, in part, made by women business owners as they have originated and scaled their businesses.

In March, the Council released a report based on data from The Council also looked at access to private markets for women the 2012 Survey of Business Owners and Self-Employed Persons, business owners, initiating original research on corporate supplier confirming that women-owned businesses now comprise 36 diversity programs. Corporate supplier diversity programs are percent of the country’s businesses and women continue to corporations’ explicit effort to include, into their supply chains, enter the ranks of U.S. business ownership at rates far exceeding businesses owned by underrepresented groups. In June, we the national average. These firms generate over $1.4 trillion in released the first part of our study, “Part 1: Research on Women’s sales and employ over eight million people. While these numbers Participation in Corporate Supplier Diversity Programs.” Part 2, demonstrate that women-owned businesses are strong and that released in early December 2016, explores the corporate women’s entrepreneurial spirit and appetite for risk are intact, perspective on the value of these programs, best practices in other data raises questions: only two percent of women-owned their implementation, and how women business owners can firms have more than 10 employees, while 89.5 percent of women- successfully leverage them to scale and grow their businesses. owned firms have no employees other than the owner. The Council concluded, through research, that information about capital, tactics When I first joined the Council as Chair in 2013, we sought to and resources available to help women move from origination to build bridges among influencers, institutions, and entrepreneurs, critical mass remains a challenge. As a result, in each of our four leveraging the power of research and collaboration, so that we public meetings this year, the Council delivered relevant and all could be more effective in our efforts to improve the business tangible information that could immediately advance women- climate for women. Last year, in 2015, we announced that our owned businesses. In response to stakeholder conversations, we country reached the milestone breakthrough of 10 million women- created Grow Her Business — an online platform of nearly 200 owned businesses, and we witnessed the passing of the NDAA growth-oriented programs that connect entrepreneurs to the 2015, enabling sole sourcing for women owned businesses in resources they need at every stage of a business’s development. America. This year, 2016, was marked by the Council’s drive to better understand the varied experiences of entrepreneurs The Council also engaged policymakers on supporting women that make up the rich diversity of women business owners and to enter new marketplaces. In April, Council Member Laura to illuminate ways that the public and private sectors could Yamanaka spoke before the House Small Business Committee better facilitate the growth of these businesses. on the subject of “Bridging the Gap — Increasing Access to Venture Capital for Small Businesses.” Per Council research, on average, As we look to 2017, we will conduct research that will incite men start their businesses with nearly twice as much capital as greater public and private commitment, deepened engagement women — $135,000 vs. $75,000. This disparity is slightly larger with women entrepreneurs and increased investments in expansion among firms with high-growth potential — $320,000 vs. $150,000; capital for scalable women-owned businesses. Now, more than and much larger in the top 25 firms — $1.3 million vs. $210,000. ever, each piece of the ecosystem must focus and execute to The Council called on the full entrepreneurship ecosystem to support greater job expansion and a strengthened economy address these disparities and explore innovative ways to by advancing women entrepreneurs. increase investment in women-owned businesses. United we thrive! In July I testified in front of the Joint Economic Committee’s hearing, “Encouraging Entrepreneurship: Growing Business, Not Bureaucracy.” Beginning with an examination of debt, I discussed the need to support programs that make it easier for women small businesses to acquire loans. Council research finds that women were more likely to be discouraged from applying for loans and were denied at a higher rate than men. I pointed to the U.S. Carla A. Harris, Chair Small Business Administration’s Community Advantage and National Women’s Business Council Microloan programs as exemplary models that should be expanded and replicated to bring greater access to debt capital to women borrowers.

2 INTRODUCING THE COUNCIL

Who We Are

The National Women’s Business Council is a non-partisan federal advisory council created to serve as an independent source of advice and counsel to the White House, U.S. Congress and the U.S. Small Business Administration on issues of impact and importance to women business owners, leaders and entrepreneurs. The Council convenes women business owners and leaders, policymakers, bankers and investors, representatives of women’s business organizations, and other stakeholders of the women’s entrepreneurship ecosystem to identify the unique challenges facing women in business and to formulate potential solutions.

What We Do Members 1 Conduct and support groundbreaking research that Year Terms provides insight into women’s business enterprises from startup to success;

2 Share research findings to incite action and Presidentially-appointed Chair present solutions.

Our Origins

The Council was established via the Women’s Business of the President’s Party not of the President’s Party Ownership Act of 1988 (H.R. 5050), a landmark piece of legislation that eliminated individual state laws requiring women to have a male relative cosign a Representatives of National business loan. Women’s Business Organizations

Strategy The Council uses a four-pillar strategy to drive efforts Key Stakeholders around improving women’s entrepreneurship in this country and to focus research and engagement efforts.

ANNUAL Public REPORT Annual Meetings Report

Council members and staff gather to meet with early-stage social entrepreneurs at the Halcyon Incubator in Washington, D.C. – March 2016.

3 UPDATED ANALYSIS OF THE 2012 SURVEY OF BUSINESS OWNERS AND SELF-EMPLOYED PERSONS

Total Firms by Gender, 2012 Employer Firms by Gender, 2012 In 2012, women-owned firms brought in over $1.4 trillion In 2012, women-owned employer firms accounted for 10.5 percent of all in receipts, or slightly less than 12 percent of all receipts women-owned businesses; the remaining 89.5 percent of firms have no from privately-held firms. employees other than the owner.

Number Share of Receipts of All Number of Share of All Number of Payroll Gender Gender of Firms All Firms Firms ($1,000) Employer Firms Employer Firms Employees ($1,000)

Female-Owned 9,878,397 36.3% $1,419,834,295 Female-Owned 1,035,655 20.2% 8,431,614 $263,720,252

Male-Owned 14,844,597 54.6% $9,466,039,188 Male-Owned 3,335,572 64.9% 41,132,111 $1,643,868,568

Equally-Owned 2,456,386 9.0% $1,078,204,389 Equally-Owned 764,977 14.9% 6,494,837 $188,853,393

Women-Owned Firms by Race/Ethnicity, 2012

The table below highlights some of the key characteristics of women-owned firms by race and ethnicity. An examination of receipts and other indicators allow for a preliminary understanding of the experiences of women entrepreneurs from different demographics. Please note that these figures will not sum to 100 percent due to self-reported responses to race and ethnicity questions.

WOB’s Share WOB’s Share Receipts of All Number of of All Firms in Receipts of All of All Receipts in Number of Payroll Race/Ethnicity Employer Firms Employment Firms in 2012 Race/Ethnicity Firms ($1,000) Race/Ethnicity Employer Firms ($1,000) ($1,000) Category Category American Indian and 131,064 48.0% $9,057,458 23.3% 7,759 $6,729,184 55,011 $1,662,642 Alaska Native

Asian 749,197 39.1% $135,676,380 19.4% 126,328 $112,941,356 804,276 $22,618,160

Black or 1,521,494 58.9% $42,225,349 28.1% 38,609 $21,508,074 316,977 $7,703,359 African American

Hispanic 1,469,991 44.5% $78,679,717 16.6% 67,079 $51,379,695 470,726 $13,151,297

Native Hawaiian and Other 24,982 45.6% $1,879,024 23.1% 1,467 $1,367,951 11,701 $376,744 Pacific Islander White/ 6,091,716 32.1% $1,151,560,159 11.0% 793,515 $994,463,632 6,754,361 $217,546,451 Non-Minority

36.3% 9,878,397 of all privately-held businesses are women-owned women-owned businesses 8.4 million employees $1.4 trillion receipts

The figures on this page reflect final estimates from the U.S. Census 2012 Survey of Business Owners and Self-Employed Persons. In the 2015 Annual Report, the Council presented preliminary estimates from the 2012 Survey of Business Owners and Self-Employed Persons. The data on these pages reflect the most current U.S. Census estimates.

4 Women-Owned Businesses, by Age and Race/Ethnicity, 2012 This table shows the race and ethnicity of women business owners within each of six age groups. Minority representation is strongest among the youngest age groups; when compared to older age groups, younger women entrepreneurs are more racially and ethnically diverse than older women entrepreneurs.

100

80 Non-Minority or White

70 Some Other Race 60 Native Hawaiian and Other Pacific Islander 50

Percent Hispanic or Latina 40 Black or African American 30

20 Asian American

0 Under 25 25 to 34 35 to 44 45 to 54 55 to 64 65 or over

Age (Years)

Top Five States by Percentage of Ownership by Gender, 2012

Massachusetts Montana Wyoming South Dakota 60.2 16.4 1.0 16.1 Pennsylvania 357,15 firms 17,934 firms 10,46 firms 12,69 firms 60.7 579,400 firms New Hampshire Idaho 60.0 19.4 76,716 firms 27,73 firms

Rhode Island 59.3 KEY 92,123 firms Women-Owned Men-Owned New Jersey Equally-Owned 59. 464,592 firms

Maryland 40.1 209,119 firms

District of Columbia 45.2 27,064 firms

Georgia 41.1 Florida Utah 376,506 firms 15.2 New Mexico 39.0 37,34 firms 40.1 07,17 firms 59,044 firms

5 TABLE OF CONTENTS

Leading to Advance a United State of Women ...... 7 The Council highlights the work of key stakeholders, notably the White House, U.S. Congress and the U.S. Small Business Administration.

Developing Research as a Springboard for Action ...... 10 The Council shares progress on its research portfolio, including projects intended to help increase women’s access to capital and markets, develop resources to grow their businesses, and improve access to quality and reliable data on women’s entrepreneurship.

Engaging Stakeholders around a Coordinated Agenda ...... 22 The Council shares information on efforts to engage with women entrepreneurs, business leaders, elected officials, leaders of women’s organizations and other key stakeholders.

Connecting Entrepreneurs with Opportunity, Resources and Each Other ...... 28 The Council highlights accomplishments from the six women’s business organizations currently represented.

Building Recommendations for an Ecosystem of Collaboration . . . . 30 The Council presents recommendations to improve the business climate for women, focusing on actionable, data-driven solutions to the challenges identified by research and engagement efforts.

A Look Ahead to FY2017 ...... 33 The Council brings a forward-looking perspective with research projects and new initiatives already in progress — continuing the momentum to expand and improve opportunities for all women.

Meet the Council and Staff ...... 34 The Council presents an inside look at the members and staff who daily champion change for women business owners and women entrepreneurs across the country.

Acknowledgments ...... 41 The Council acknowledges the individuals, organizations and contractors who have offered up their thoughts, partnership, space, hard work, support and, most importantly, time as collaborators.

6 Leading to Advance a United State of Women

The Council puts forth policy recommendations for implementation by policymakers and other key stakeholders through its role as an independent advisory body with a focus on the needs of women entrepreneurs and business leaders. As such, the Council recognizes the progress made in FY2016 by these key stakeholders, notably the White House, U.S. Congress and the U.S. Small Business Administration.

THE WHITE HOUSE

In December 2015, the President worked with Congress to make two critical tax incentives permanent for the first time:

• Made the Research and Experimentation (R&E) • Permanently eliminated capital gains tax on certain tax credit available to startups. small business stock.

In May 2016, the White House worked with the United States Patent and Trademark Office and the Hagley Museum and Library to present the Fifth Annual Women’s Entrepreneurship Symposium in Wilmington, DE. The symposium focused on women entrepreneurs and the vital importance of intellectual property protection to the success of innovative businesses.

In June 2016, during the seventh consecutive year of the Global Entrepreneurship Summit, President Obama signed an Executive Order institutionalizing programs that support entrepreneurship around the world, including the Presidential Ambassadors for Global Entrepreneurship, the Global Entrepreneurship Summit and the Global Connect Initiative. At the same time, the President also took the following actions:

• Announced a commitment by senior leadership from • Launched an effort to encourage greater investments 33 companies of all sizes to fuel American innovation in small-scale, clean energy entrepreneurs from and economic growth by increasing the diversity of developing countries. their technology workforce.

In June 2016, the White House convened the first-ever United State of Women Summit to assess what we have achieved to-date, as a country, on key gender equality issues and to plan for future action.

7 U.S. CONGRESS

Senate and House Small Business Committees House Small Business Committee The Senate Committee on Small Business and Entrepreneurship In February 2016, a bipartisan group of lawmakers, led by House (SBC) and the House Small Business Committee passed legislation Small Business Committee Chairman Steve Chabot (R-OH), to make improvements to the Office of Women’s Business introduced legislation that would help start-up companies access Ownership and reauthorize the SBA’s Women’s Business early capital. H.R. 4498, the Helping Angels Lead Our Startups Center (WBC) program. All bills raised the amount of federal (HALOS) Act, clarifies one of the intentions of the 2012 JOBS Act funding each WBC could receive per year as well as raised the by allowing angel investor groups established by organizations such overall budget for the program. as local governments, nonprofits and universities to hold events to let entrepreneurs showcase their work and connect with potential Senate Committee on Small Business and Entrepreneurship backers. In April 2016, this bill was approved by the House. In October 2015, U.S. Senator David Vitter (R-LA), Chairman of In March 2016, the House Small Business Committee advanced the Senate Committee on Small Business and Entrepreneurship, the Commercializing on Small Business Innovation Act of 2016, supported the National Women’s Business Council and Propeller targeting small firms with innovative products that seek funding event, “Women Powering Social Change,” held in New Orleans, through the federal government. The Committee also approved LA, by presenting the Council with the Senate Resolution declaring H.R. 4783 which reauthorizes the Small Business Innovation October National Women’s Small Business Month. Research and the Small Business Technology Transfer programs In December 2015, Senate Committee on Small Business ahead of their scheduled expiration dates in 2017. and Entrepreneurship Ranking Member Jeanne Shaheen In April 2016, the House of Representatives approved five (D-NH) successfully funded the Commercial Real Estate bipartisan bills to protect and provide opportunities for and Economic Development Act and the Small Business small businesses, save taxpayers money and promote greater Investment Company Capital Act, aimed at boosting credit accountability from the federal government: availability for small businesses. • H.R. 4284, Service Provider Opportunity Clarification Act Throughout the year, the Senate worked closely with the Small of 2015 Business Administration on the implementation of the sole source • H.R. 3714, Small Agriculture Producer Size Standards contracting rule. In January 2016, Dawn Hall, President and Improvements of 2015H.R. 4332, Maximizing Small CEO of AttainIt was awarded the first sole source women-owned Business Competition Act of 2016 small business federal contract by the Department of Homeland Security Transportation Security Administration. The Department • H.R. 4325, Unifying Small Business Terminology Act of 2016 purchased five ecofriendly Polaris GEM electric vehicles for the • H.R. 4326, Small and Disadvantaged Business Enhancement Miami International Airport. Act of 2016

In May 2016, the Senate Committee on Small Business and In May 2016, the House Small Business Committee’s H.R. 207 Entrepreneurship passed pro-innovation bills through the was incorporated into the House’s proposed National Defense Small Business Committee: Authorization Act (NDAA), and — outside of the critical measures • S. 2812, SBIR and STTR Reauthorization and Improvement to reauthorize the Women’s Business Center Program — included Act of 2016 provisions to reauthorize the Small Business Development Centers and the Service Corps of Retired Executives programs. These • S. 2846, Small Business Innovation Protection Act of 2016 programs provide assistance to women entrepreneurs looking • S. 2850, Microloan Program Modernization Act of 2016 to get an idea off the ground.

OTHER KEY STAKEHOLDERS

October 2015 February 2016 May 2016

The Securities and Exchange Commission The State Department partnered with City of Atlanta Mayor Kasim Reed (SEC) adopted final rules concerning Kiva and the Multilateral Investment celebrated the grand opening of the companies offering and selling securities Fund, a member of the Inter-American flagship Women’s Entrepreneurship through crowdfunding. The new rules and Development Bank Group, to launch Initiative (WEI), a city-funded proposed amendments are designed to assist the Women’s Entrepreneurship Fund to incubator focusing on supporting smaller companies with capital formation and empower women entrepreneurs globally women entrepreneurs. provide investors with additional protections. by increasing their access to finance.

8 9 Chapter 1 | Annual Report FY2016

The U.S. Census Bureau, in in Bureau, U.S. Census The partnership with the Minority Agency Development Business Marion Kauffman and the Ewing results released Foundation, Annual the inaugural from of Entrepreneurs. Survey 2016 September

bringing the total number of VBOCs to 19. The The 19. of VBOCs to number bringing the total small business start-ups. Through this competition, the the this competition, Through start-ups. small business in of accelerators support to the development SBA looked with fewer in parts of the country of start-ups their service venture capital (i.e., to of access sources conventional capital and other investors). Centers Outreach Business Veterans Six new 2016, In May $1.5 million in grant of as a result announced (VBOC) were funding, embark as they members service VBOCs supporttransitioning of the VBOC Part or entrepreneurship. on self-employment increase to in doing outreach involved costs funding covers training participation entrepreneurship Business Boots to in the on military installations in the U.S. and its territories. program Protégé Mentor the first hosted the SBA In June 2016, Rule, the SBA Teaming also implemented SBA The Conference. small businesses of similarly situated the ability expanding government perform to together and joint venture team to small business a barrier for eliminated This contracts. limitation on subcontracting. due to competing and 16 Federal to grants awarded the SBA In July 2016, recipients Program Partnership (FAST) Technology State Centers Development Technology Small Business and five socially and for development economic stimulate to compete firms, helping them to disadvantaged economically the through and development funded research in federally and Small Business Research Innovation Small Business Programs. Transfer Technology launched www.certify.sba.gov the SBA 2016, In August further to streamline digital platform multifaceted a new small businesses for the application processes and improve the with do business seeking to and entrepreneurs government. federal In May 2016, during National Small Business Week, the SBA Week, National Small Business during 2016, In May bestowed was award the Year of Person(s) Small Business and Helen Russell McDonnell partners Brooke upon business CA. in San Rafael, headquartered & Teas Coffees Equator from Growth Annual the Third period, the SBA launched During this million for $3.95 Award to Competition Fund Accelerator

July 2016 New York City Mayor Bill de Bill de Mayor City York New Blasio, Deputy Mayor Alicia Glen Alicia Glen Mayor Deputy Blasio, and Department of Small Business Gregg Commissioner Services the launch of Bishop announced New Entrepreneurs the Women as which serves Portal, City York women shop for a digital one-stop owners. small business

— in FY2015, 5.05 percent, or or percent, 5.05 in FY2015, —

U.S. SMALL BUSINESS ADMINISTRATION (SBA) ADMINISTRATION BUSINESS SMALL U.S. surpassing $100 million in lending million in lending $100 surpassing lender, the U.S. Small Business Administration Administration Business the U.S. Small th

42 (Wholesale Trade) and Sector 44-45 (Retail Trade). The The Trade). 44-45 (Retail Sector and 42 (Wholesale Trade) on January Register published in the Federal final rules were SBA reported meeting the five percent percent meeting the five reported the SBA 2016, In March contracting federal for goal in North American Industry Classification System (NAICS) (NAICS) System in North American Industry Classification size with employee-based 31-33 and industries Sector not a part 31-33, Sector Sector of NAICS that are standards 2016. 26, as of February 25 and made effective eligible contracting small business billion, of all federal $17.8 Small Businesses Women-Owned to awarded were dollars SBA exceeded the year, consecutive the third For (WOSBs). SBA hosted the finalists of its flagship of its flagship the finalists hosted the SBA 2016, In March for Innovating InnovateHER: competition, pitch women’s to invited finalists were Summit. These Business Women SBA published two final rules to revise revise final rules to published two the SBA In January 2016, industries manufacturing for standards size small business NAICS industry 113 new authorized the SBA 2016, In March contracts, federal and sole source set-asides WOSB for groups in on the groups the SBA commissioned of a report as a result underrepresented are small businesses which women-owned 113 83 to from increase The or substantially underrepresented. WOSBs billion for $39.9 an additional to access represents do not know where to begin. to where do not know (achieving of 23 percent goal contracting the small business for billion and accounting $90.7 representing percent), 25.75 jobs. 537,000 than more and competition pitch a live for D.C., Washington, to travel money. in prize $70,000 up to for compete to SBA and the National Association for for and the National Association the SBA 2015, In October the Business developed Lenders Guaranteed Government organizations local community designed for Smart Toolkit, in starting but a business interested are whose constituents for FY2015 and reaching more than $220 million since the the million since $220 than more and reaching FY2015 for in 2011. creation program’s 2015, In October that it had announced Program Pilot Advantage Community its 100 recruited

business access, insight, guidance and and insight, guidance access, business the 2016 Essence Festival in New Orleans, LA. Orleans, LA. in New Festival Essence the 2016 mentorship to minority entrepreneurs. minority to mentorship Run, Grow Entrepreneurship Village,” as part of as part of Village,” Entrepreneurship Run, Grow

Business Development Agency partnered with with partnered Agency Development Business July 2016 The Entrepreneurship Village is part of Essence’s is part of Essence’s Village Entrepreneurship The Time, Inc.’s Essence to launch the first ever “Leap, “Leap, ever launch the first to Essence Inc.’s Time, The U.S. Department of Commerce Minority Minority U.S. Department of Commerce The “Money+Power” Expo, designed to provide provide designed to Expo, “Money+Power” Developing Research as a Springboard for Action

As the government’s only independent voice for women entrepreneurs, the Council conducts high- quality, innovative research that sheds light on economic and social issues of impact and importance to women business owners. This research guides the White House, U.S. Congress and the U.S. Small Business Administration as they develop and promote policy to support women’s business ownership.

Understanding research as a dynamic process, and recognizing that meaning and knowledge result from thorough investigation, the Council places value on farsighted research that:

1 Offers, and responds to, well-defined questions or problem statements;

2 Fills gaps in existing knowledge about women business owners, leaders and entrepreneurs;

3 Extends or supplements previous research, and informs future research; and

4 Results in actionable and policy-oriented recommendations.

Over the course of multiple research cycles, the Council may invest in various dimensions of the same topic in order to develop a more comprehensive understanding of women’s business ownership, leadership and entrepreneurship in the relevant area of study.

10 11 Chapter 2 | Annual Report FY2016 and Growth Job Creation Job Creation and Growth Job Creation and opportunities ideas, resources and elevating Convening with growth businesses and women-led women-owned for scale. to and potential aspirations Access to Capital to Access and traditional creative Identifying, engaging and elevating women’s and opportunities tactics that increase strategies, amounts of capital. and greater sources capital to access Markets to Access and partners resources, networks, Building bridges between businesses and women-led opportunities women-owned for procurement and the government sector in the private markets. as in international as well marketplace, Data of publicly and depth the breadth increase to Working data existing to access expand and to statistics available advance to businesses and women-led on women-owned policy. timely and impactful develop to the ability Access to Capital Access Access to Markets Access ch priorities on four pillars and aligns its engagement efforts accordingly. efforts accordingly. aligns its engagement and pillars on four ch priorities Data The Council builds resear Council The MULTI-PILLAR

Council research priorities often reflect — and unite — multiple pillars. Many of the research projects completed in this fiscal year, and several of those that will be completed in the future, may be described as “multi-pillar.”

RESEARCH Grow Her Business: A Resource from Start-Up to Scale-Up

To assist women interested in scaling up, and — ultimately — to increase the number of high-growth women-owned firms, in June 2016, the Council unveiled an online, searchable repository of nearly 200 premiere growth-oriented programs for entrepreneurs. Developed by Optimal Solutions Group, LLC, the resource platform connects entrepreneurs to the resources they need to obtain capital, build industry knowledge and develop the skills they need to meet high-growth objectives. Most resources are programs hosted by organizations; others include funding platforms, online tools to guide business development and networking opportunities.

Resource categories: Ideate • Technical assistance programs Develop a business plan; refine a business model • Financing options • Education opportunities • Information for expanding social networks

Examples include: Start-Up • Opportunities for venture capital Get a business off the ground; seek financing • Membership associations • Mentorship opportunities • Conferences • Competitions • Accelerator and incubator programs Scale

Potential next steps: Generate consistent revenue; expand horizons A potential expansion for the resource platform would be inclusion of more specialized and localized resources. The Council encourages locally focused organizations to consider Grow Her Business as a blueprint to assist in their development of inventories that include community banks, government programs, organization chapters, Grow local support organizations and other niche opportunities. Strengthen business presence; build on success

To access the new platform, please visit https://womenbizinfo.sites.usa.gov.

12 13 Chapter 2 | Annual Report FY2016 Ohio 63.5% Illinois 65.3% RECOMMENDATIONS Policymakers should strengthen awareness of non- awareness should strengthen Policymakers Black for funding sources and alternative traditional that these non- and ensure entrepreneurs women available, are funding platforms alternative traditional secure. and strong that traditional ensure to should work Policymakers to outreach consistent to of capital commit sources perhaps with specified targets. of color, entrepreneurs POLICY POLICY • • Indiana 66.0% Wisconsin MULTI-PILLAR 68.3%

– Nydia M. Velázquez (D-NY), Representative, Ranking Democrat, House Small Business Committee House Small Business Ranking Democrat, (D-NY), Representative, M. Velázquez Nydia –

Black Women Entrepreneurs: Past and Present Conditions of Black Women’s Business Ownership Business of Black Women’s Conditions and Present Past Entrepreneurs: Black Women priority, and this study will provide important information to help advance that goal. that to help advance information important will provide and this study priority, Unlocking the opportunities of entrepreneurship for all Americans must remain a national a national remain Americans must all for entrepreneurship Unlocking the opportunities of Michigan 69.3% States with Highest Percentage of Black Women-Owned Businesses Relative to Men-Owned and Equally-Owned Relative Businesses Women-Owned Black of Percentage Highest with States RESEARCH This report is the first in a series of planned Council in a series of planned Council is the first report This owners business studies of subpopulations of women and of race the intersections that specifically address with characteristics, and other demographic ethnicity, ownership. and business gender Black women entrepreneurs comprise one of the fastest the fastest one of comprise entrepreneurs Black women in the country, ownership segments of business growing the U.S. economy to businesses new 600,000 adding over of new the growth Despite and 2012. 2007 between to continue owners business Black women businesses, In collaboration of just $27,753. receipts average have of Office Administration with the U.S. Small Business Legacy, with Walker’s contracted the Council Advocacy, a report develop to collective, a global women-in-business of Black women the experience deeply into looking more history the strong highlights research This owners. business in the U.S., sheds light entrepreneurship of Black women when starting and face Black women barriers on current needed and identifies components maintaining a business, successful build and grow to help them continue to ventures. business MULTI-PILLAR

IN - PROGRESS Multi-Pillar Research

Hispanic Women Entrepreneurs

Research There are 1.5 million Hispanic women-owned businesses in the country, and this subpopulation makes up a growing segment of all women entrepreneurs. The Council is currently conducting research to explore the heterogeneity of the Hispanic community and the degree to which immigrant status impacts access to resources. This study will also investigate why Hispanic women-owned businesses are growing in number yet lagging in revenue and employees.

Hispanic-Owned Businesses, 2007 – 2012

2012 Women-Owned Year

2007 Men-Owned

Equally-Owned 0 1 2 3 4 Millions

Intended Benefit The Council seeks to analyze demographic and other quantitative information about Hispanic women business owners in order to create innovative solutions and resources to serve this community.

Millennial Women Entrepreneurs Growth Out of the Small Business Designation Access to Markets and Access to Capital Access to Markets and Job Creation and Growth

Research Research This research will incorporate quantitative and qualitative To best support women business owners as they grow, data to understand the experiences of millennial women the Council is conducting research that will provide insight business owners, particularly in comparison to previous into federal contracting policies that may influence and/or generations of entrepreneurs. As the existing, and relatively impact women-owned businesses as they move beyond the limited, research on millennial business ownership focuses small business category. These businesses, often referred to largely on the descriptive statistics of all millennials, gender- as “mid-tier,” no longer qualify for federal set-aside programs, specific characteristic and experience data is necessary to but may not have the capacity to compete with larger, well- further understand the unique challenges and successes established firms. of millennial women. Intended Benefit Intended Benefit The Council will develop appropriate recommendations The Council will use this research to identify challenges, to support women business owners as they grow beyond motivations and successes of millennial women entrepreneurs the designation of a small business within federal in order to recommend policies to support this population. contracting policies. The Council also plans to develop resources for millennial women seeking strategies for overcoming barriers and launching high-growth ventures.

14 15 Chapter 2 | Annual Report FY2016 Social Entrepreneurship Amongst Women Amongst Social Entrepreneurship Research of that a substantial proportion shows Research been founded have social enterprises all existing the growing Acknowledging years. the last 10 over the ventures, business in socially-conscious interest available document and analyze to seeks Council on social information and quantitative demographic particularly among women. entrepreneurship, Benefit Intended the Council will allow on this topic Research socially conscious identify and understand to challenges identify and explore and to businesses, opportunities such women-owned or potential for businesses. and women-led Data Research Data The Growth and Development of Women-Owned Enterprises in the United States, 2002 – 2012 – 2002 States, in the United Enterprises of Women-Owned and Development Growth The Fact Sheets on Women-Owned Businesses Sheets on Women-Owned Fact DATA IN - PROGRESS Survey Development on Women-Owned on Women-Owned Development Survey Businesses and Women-Led Research The survey will allow users to leverage quantitative quantitative leverage to users will allow survey The identify meaningful data to levers and representative policy intervention. effective for Intended Benefit Intended With the goal to both catalog and fill data gaps both catalog and fill data gaps to the goal With the ownership, on business surveys left existing by survey of a new in the development engaged Council will allow the survey complete, Once methodology. and representative of quantitative the collection for not otherwise ownership data on aspects of business and behaviors. particularly motivations collected, RESEARCH RESEARCH Expanding on the notable trends from the Survey of Business Owners and Self-Employed Persons (SBO) captured in the FY2015 in the FY2015 captured (SBO) Persons and Self-Employed Owners Business of the Survey from trends Expanding on the notable of and development the growth explore the data set to further to examine LLC, Womenable, contracted the Council annual report, between paid particular differences to attention research This and 2012. 2002 between the years over ownership business women’s period. 2012 – 2007 recent and the more 2007 – of 2002 period the pre-recession Strong and actionable policy recommendations stem from rigorous collection and thoughtful analysis of data. The of data. The analysis and thoughtful collection rigorous from stem policy recommendations and actionable Strong in turn, and, entrepreneurship light on women’s shed to and analyzing data on developing its focus continues Council their businesses. start and grow help women to recommendations appropriate develop to In 2015, the Council gained early access to the preliminary the preliminary to early access gained the Council In 2015, and accurate the most recent, SBO, the 2012 of results of business on the state set of data available comprehensive released were numbers in America. When revised ownership aimed at sheet portfolio a fact developed the Council in 2016, subpopulations. This of key characteristics business examining at the national businesses of women-owned included an analysis and ethnicity. status, and race veteran age, industry, level, and state sheets allowing 60 fact over released the Council In FY2016, data. critical to access individuals quick and easy ACCESS TO MARKETS

Social, economic and geographic factors can constrain access to important markets for women entrepreneurs. For this reason, the Council routinely conducts research to identify ways to overcome market barriers, providing women-owned businesses with information and resources to achieve growth.

RESEARCH Women’s Participation in Corporate Supplier Diversity, Part 1

Corporate supplier diversity programs reflect corporations’ efforts to diversify their supply chains by contracting with businesses owned by underrepresented groups. Such overt efforts allow corporations to identify, recruit and offer guidance to minority and women-owned businesses, in particular.

The research on Women’s Participation in Corporate Other findings include: Supplier Diversity Programs, conducted by Premier Quantitative Consulting, LLC, was designed to illuminate women business • Certification remains essential for women business owners attempting to break into the corporate supply chain through owners’ experiences with corporate supplier diversity programs corporate supplier diversity programs. through analysis of a first-of-its-kind survey of over 800 women- owned businesses. The companion research for this project — Supply and Demand Perspectives on Women’s Participation in Corporate Supplier Diversity Introductions to key influencers and decision-makers was the Programs, a closer look at the corporate perspective on these most in-demand program offering. However, lack of contacts with programs — was released in December 2016. decision makers and the lack of relationships with actual buyers remains the largest impediment to women business owners. Interviews with corporate supplier diversity managers, paired with the results of a canvass of the S&P 500 corporate websites Interestingly, the research also found less interest in mentorships, for details on their supplier diversity programs, will provide a more training and educational programs, likely because of the complete understanding of how such offerings are constructed overwhelming need for women business owners to first meet by the corporations that sponsor them. By incorporating not only decision makers prior to focusing on other opportunities for women business owners’ perspectives, but also the corporate side professional development. of such programs, the Council will identify areas for suggested policymaker support.

POLICY RECOMMENDATIONS

• U.S. Congress and advocacy organizations should lead a national “charge” to increase transparency in supplier diversity operations and spending. • The U.S. Small Business Administration and its resource partners, such as SBA’s Women’s Business Centers, should develop and promote resources to build and assess technical capacity of women-owned firms’ readiness for corporate supplier programs.

16 17 Chapter 2 | Annual Report FY2016 Non-Employers Employers 400 350 1,000 Veteran Women-Owned Businesses, 2007 – 2012 Women-Owned Veteran Access to Markets Research Markets to Access 0 50 100 150 200 250 300 2007 2012 ACCESS TO MARKETS TO ACCESS IN - PROGRESS Year Research Women Veterans and Business Veterans Women Through analysis of both owner and business characteristics of STEM enterprises, the Council will look to elevate and and elevate will look to the Council enterprises, STEM of characteristics and business of both owner analysis Through research. of STEM commercialization support mechanisms to women’s recommend Intended Benefit Intended Research engineering and mathematics) technology, (science, in STEM educational gains been making strong have Women owners be small business to likely more field are men with PhDs in a STEM indicates research current fields. However, license that women suggests research Furthermore, counterparts. their women startup than companies by or employed Council than men. The rate at a lower own they in companies and launch products develop and/or their technologies development, property intellectual and women’s in men’s trends differential that influence identify the factors to seeks fields. in STEM ownership and business commercialization Commercialization Amongst Women in STEM Fields in STEM Women Amongst Commercialization This assessment of veteran women business owners will support policy recommendations geared to address their needs. their needs. address to geared will support policy recommendations owners business women of veteran assessment This Intended Benefit Intended According to the 2012 Survey of Business Owners and Self-Employed Persons, there are over 2.5 million veteran- over are there Persons, and Self-Employed Owners of Business Survey the 2012 to According veteran-owned of women receipts average the However, women. by owned with 15 percent in the U.S., businesses owned will conduct Council in at $46,832. The coming owners, of business subgroup of any among the lowest are businesses as and opportunities faced as challenges as well owners, business veteran women about more understand to research their businesses. launch and grow they ACCESS TO CAPITAL

Access to capital plays a large role in an entrepreneur’s ability to start and grow a successful business. Council research shows that men start their businesses with access to nearly twice as much capital (on average) as women. Research into this disparity can help identify ways in which government and private sector organizations can address this issue.

RESEARCH Women’s Participation in Accelerators and Incubators

Accelerators and incubators support new and growing businesses, and have been a focus of policymakers in recent years. As a result of this attention, the Council acquired the services of Washington CORE to conduct a multi-methodological study of women entrepreneurs and managers of business incubators and accelerators. The study examines how women entrepreneurs determine whether to participate in incubator and accelerator programs, as well as the characteristics of the enterprises owned by these women, with the overarching goal of addressing gaps in the existing literature and building a basis for actionable policy recommendations and further research.

The final research report for this project will be prepared in 2017.

IN - PROGRESS Access to Capital Research

Necessity as a Driver for Women’s Crowdfunding as a Source of Capital Entrepreneurship Research Research Research Research suggests that crowdfunding may be a particularly The majority of all privately-held business ventures see effective method for women entrepreneurs to build capital. annual receipts of less than $50,000. With the hypothesis In 2015, this capital source was sized at nearly $35 billion. The that many business owners in this income category launch Council will further explore the distinct relationship between these ventures to meet a specific economic need, and that crowdfunding and women entrepreneurs. This study will allow women seek to address a different array of needs than men, policymakers to identify what legislative directives can be the Council is currently conducting research that will identify introduced to promote and sustain this source as a valuable key characteristics and motivations of necessity entrepreneurs. component to accessing capital for WOSBs. Research will focus on how business ventures satisfy the Intended Benefit owners’ income requirements, investigate owners’ attitudes toward growth and job creation, and document existing The Council intends to illuminate how recent federal rule policies that may support or hinder such ventures. changes may influence women entrepreneurs, not only for the benefit of policymakers, but also for the benefit of women Intended Benefit business owners seeking capital through this technique. The Research gathered will investigate demographic and other Council will evaluate the regulatory structure for crowdfunding descriptive information about women entrepreneurs who as it relates to women business owners and identify how may have founded businesses out of necessity, helping to promoting crowdfunding could affect access to capital determine recommended action items that further support and ultimately business success. this particular population.

18 19 Chapter 2 | Annual Report FY2016

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T U A V O I H N N – Kari Warberg Block, Council Member Block, Council Warberg Kari – Entrepreneurship Ecosystems and Their Service of Women Entrepreneurs of Women Service Their and Ecosystems Entrepreneurship Finding one’s own niche within the entrepreneurial ecosystem always starts locally and locally and starts always ecosystem within the entrepreneurial niche own Finding one’s can expand only through awareness, readiness, and access to the necessary resources. and access to the necessary readiness, awareness, can expand only through Market Access Market Capital Building Community Policy Resources Human Capital Innovation JOB CREATION AND GROWTH AND CREATION JOB Using an ecosystem model to conceptualize conceptualize model to Using an ecosystem of domains that influence the variety in this case, women’s — entrepreneurship is able to the Council — entrepreneurship and actions that can identify both actors in supporting creation business a role play domains identified pivotal The and scale-up. include: the Council by • • • • • • • 5: please see Chapter information, more For an Ecosystem for Building Recommendations of Collaboration. RESEARCH The final research report for this project will be prepared in 2017. will be prepared this project report for research final The Through data analysis and insight from stakeholders across the country, the Council identified numerous regional regional identified numerous the Council country, the across stakeholders and insight from data analysis Through what understand In an effort to role. an increased playing are entrepreneurs in which women ecosystems business the — improved or — be elevated should businesses supporting local women-owned characteristics community support and their ecosystems on entrepreneurial research conduct to CORE Washington with contracted Council entrepreneurs. of women As businesses grow, they create opportunities for employment for more Americans. It is, therefore, key to the the to key It is, therefore, Americans. more for opportunities employment for create they grow, As businesses on job research Council’s The scale. able to are businesses that women-owned of the U.S. economy success originate, to seeking businesses women-owned in investment for specific areas explores and growth creation and expand. develop JOB CREATION AND GROWTH

A series of six town hall discussions held in different regions across the U.S. allowed the Council to learn from key stakeholders — entrepreneurs, government officials, business support and professional organizations, universities, investors, media and others — about the supports their local ecosystem offers for women business owners.

The objectives of each town hall included: Bringing together stakeholders from across the region’s entrepreneurial ecosystem and building local ties and networks across different domains;

Fostering discussion on issues of relevance for local women entrepreneurs; and

Identifying key insights that could be incorporated into a final report, to be published by the Council in FY2017.

The town hall sessions revealed both location-specific and common themes for opportunities to further support women entrepreneurs, including the need for expanded resources, heightened media coverage, greater access to capital and more comprehensive educational opportunities for women interested in starting or growing a business.

Participants in conversations shared their perceptions of, and personal experiences with, the strengths and challenges of their community in its support of high-growth women entrepreneurs, as outlined below.

Bay Area Town Hall | January 29, 2016

Participants in this town hall commented on the culture of innovation Key Recommendation: In addition to focusing on and relative availability of capital in the Bay Area, heralding these challenges that need to be solved, local Bay Area characteristics as strengths. However, participants also noted intense governmental entities and community programs competition to recruit and retain talent. Though the ecosystem is very should actively promote success stories as a form good for “unicorns” (start-ups with very high valuations), the area of role modeling for women entrepreneurs. can be challenging for small- or medium-sized businesses or businesses with more gradual growth.

Miami Town Hall | March 30, 2016

Miami, home to a majority “transplant” population, has a rapidly Key Recommendation: Miami should focus growing community of start-ups. Participants indicated plenty of local on building up financing opportunities and organizations eager to support women entrepreneurs. However, while support organizations for women entrepreneurs, many such organizations are designed to provide resources to new particularly those with growth potential. businesses, there is a need to offer more specific support to encourage growth.

Chicago Town Hall | May 3, 2016

The conversation in Chicago revealed the capital access difficulties Key Recommendation: Chicago should expand faced by local entrepreneurs — particularly women. The cost of living its network of seed, angel and private equity in Chicago makes it possible for local entrepreneurs to bootstrap their investors, and develop a platform to raise the businesses but, like elsewhere, raising funds is considered a sign of visibility of these equity capital sources. success. Therefore, many local businesses seek external investment, but find it difficult to achieve the necessary funding.

20 21 Chapter 2 | Annual Report FY2016 Boston Boston St. Louis should should St. Louis In order to to In order Key Recommendation: Key the efforts of growth- should encourage owners business women oriented by basic research commercialize to highlighting opportunities apply for to Research Innovation Small Business Technology and Small Business (SBIR) funding. Programs (STTR) Transfer Key Recommendation: Key and exists successful publicly celebrate not only attract, effort to in an failures and growth- talented but also retain entrepreneurs. oriented Key Recommendation: Key of culture the local further develop particularly among the entrepreneurship, students, population of university strong ties strengthen to should work Atlanta schools of higher education local between support organizations and entrepreneurial pursue to graduates encourage to careers. entrepreneurial ecosystem in communities across the United States. across in communities ecosystem – Esther Morales, Executive Director of the National Women’s Business Council Business of the National Women’s Director Executive Morales, Esther – High-quality research is the first step to strengthening the entrepreneurial the entrepreneurial to strengthening step is the first High-quality research JOB CREATION AND GROWTH AND CREATION JOB St. Louis Town Hall | June 15, 2016 Town St. Louis or business- networking of opportunitieshas no shortage for St. Louis and business spaces co-working many and is host to education events, the presence hall counted town in the St. Louis Participants incubators. of the city. as a strength support organizations of such entrepreneurial benefit from would that the city agreement general was there However, . cultivate the talent that these organizations retain effort to increased Atlanta Town Hall | August 3, 2016 Hall | August Town Atlanta of civil history with a strong a city described Atlanta, Participants of history and related an equally strong rights activism, as having is efforts. Entrepreneurship and entrepreneurial problem-solving initiatives, local university not only by in Atlanta, encouraged actively such as the Women’s efforts through government, the city but also by supports (WEI), which explicitly growth- Initiative Entrepreneurship are local corporations many Though entrepreneurs. women oriented with participants difficulty did report as collaborative, perceived supply chains. certain local corporate into breaking Boston Town Hall | July 15, 2016 Hall | July 15, Town Boston areas and its surrounding in Boston presence university strong The particularly in and innovation, of research a climate to contributes fields. engineering and mathematics) technology, (science, the STEM in this and growing thriving are entrepreneurs local women Many that local government hall participants reported town and arena, encouraging are Boston, Entrepreneurs efforts, specifically Women as in momentum. However, and gaining entrepreneurship women’s in accessing challenges participantsother communities, reported sector. firms in the STEM for capital, essential external Please reference Chapter 5: Building Recommendations for an Ecosystem of Collaboration for additional policy recommendations. for of Collaboration an Ecosystem for 5: Building Recommendations Chapter Please reference Engaging Stakeholders around a Coordinated Agenda

The Council strategically aligns stakeholder engagement and cutting-edge research to drive policy change.

Over the past year, the Council engaged stakeholders across the ecosystem — entrepreneurs, business- owners, policymakers, corporate leaders and researchers — to deepen their knowledge of the state of women’s entrepreneurship and to actively participate in the policymaking process to create innovative change.

October 7, 2015 October 13, 2015 National Urban League Washington Bureau’s Small The Most Powerful Women Conference – Business Roundtable – Washington, D.C. Washington, D.C. Former Council Executive Director Amanda Brown attended Council Chair Carla Harris attended Fortune magazine’s a roundtable to support the League’s new efforts to support conference, themed “Leading with Purpose,” which convened women of color in business. preeminent women in business, along with leaders in government, philanthropy, education and the arts.

October 15, 2015 Women Powering Social Change Roundable – New Orleans, LA The Council, along with Propeller and the U.S. Small Business Administration’s Louisiana District Office, co-hosted a roundtable to discuss how to better support female entrepreneurs interested in launching social ventures. The Council’s 2015 March Public Meeting (Detroit, MI), as well as a previous roundtable in New Orleans, LA with U.S. Senator David Vitter (R-LA), Chairman of the Senate Committee on Small Business and Entrepreneurship, inspired this roundtable. Senate SBC Policy Director Meredith West attended and formally presented the bipartisan resolution declaring October as National Women’s Small Business Month.

22 23 Chapter 3 | Annual Report FY2016 th “A Media Resource on Women and Entrepreneurship.” on Women Media Resource “A “How to Build an Effective Social Network” — — Network” Social Build an Effective to “How collaboration, research updates and action items. items. and action updates research collaboration, March 3, 2016 March CA San Francisco, – Entrepreneurship of Women’s Coverage Bloomberg Former Council Executive Director Amanda Brown spoke at this event, discussing the the discussing at this event, spoke Amanda Brown Director Executive Council Former the findings from in the media and also discussing entrepreneurs of women portrayal Council’s Baltimore Business Women’s Roundtable – Roundtable Women’s Business Baltimore October 23, 2015 October October 21, 2015 October Baltimore, MD and Washington, D.C. Washington, MD and Baltimore, Women’s Business Development Council’s 14 Council’s Development Business Women’s March 7, 2016 7, March Plays Power February 5, 2016 February D.C. Washington, – Meeting Community Entrepreneurship Women’s January 20, 2016 January 20, Congressional – Washington, Engagement D.C. Annual Business Breakfast – Stamford, CT Stamford, – Breakfast Annual Business The recommendations in this toolkit derived from from derived in this toolkit recommendations The networks. a resource for women to build and leverage strategic social social strategic build and leverage to women for a resource hosted by former Council Member Fran Pastore, Pastore, Member Fran Council former by hosted Founder, President and CEO of the Women’s Women’s of the and CEO President Founder, Council. Development Business Former Council Executive Director Amanda Brown Amanda Brown Director Executive Council Former participated in a panel about social capital and networking. participated capital and networking. in a panel about social Former Council Executive Director Amanda Brown Amanda Brown Director Executive Council Former where roundtable, Powerlink’s participated in Athena GROW • INFLUENCE – WOMEN WITH IMPACT,” WOMEN – • INFLUENCE GROW “CONNECT • • themed “CONNECT at this annual event, spoke she presented trends in women’s entrepreneurship and and entrepreneurship in women’s trends she presented a new toolkit: toolkit: a new Women’s and Men’s Social Networks.” Networks.” Social and Men’s Women’s 2015 Council research entitled, “Structural Differences in in Differences entitled, “Structural research Council 2015 featuring empowerment songs selected by Council and staff members. Council by songs selected empowerment featuring Spotify playlist, Plays its Power released Council The The Council and the U.S. Small Business Administration’s (SBA) Office of Women’s Business Ownership’s (OWBO) Assistant Assistant (OWBO) Ownership’s Business Women’s of Office (SBA) Administration’s and the U.S. Small Business Council The priorities upcoming presented and OWBO the Council meeting where a community co-hosted Erin Andrew Administrator highlights, recent program updates, their organizational discuss to organizations entrepreneurship women’s and invited represented organizations business women’s included the national Invitees and important action items/dates. accomplishments and Girls, the SBA, and on Women House Council White the Chamber of Commerce, the U.S. Women’s members, Council by other partners. Council Chair Carla Harris met with U.S. Senator Jeanne Jeanne Carla Harris met with U.S. Senator Chair Council member of the U.S. Senate Shaheen (D-NH), ranking discuss to and Entrepreneurship on Small Business Committee possible The Council also used the event to announce the release of of the release announce to also used the event Council The March 17, 2016 May 26, 2016 Women & Business: An Atlantic Exchange – An InnovateHER The White House Council on Women and Girls and National Event – Washington, D.C. Women’s Business Council’s Women in Entrepreneurship Former Council Executive Director Amanda Brown spoke on a panel Event – Washington, D.C. about accessing capital, hosted by the Atlantic Live and the U.S. The event began with Council Chair Carla Harris introducing the film Small Business Administration as part of the 2016 InnovateHER Dream, Girl, in its first public screening. After the screening, White initiative on promoting entrepreneurship and preparing women-led House Business Council Director Diana Doukas moderated a panel businesses for success. of Washington, D.C.-based women entrepreneurs to celebrate their business successes and to share solutions to common challenges. April 5, 2016 Congressional Hearing – Pasadena, CA Invited by U.S. Rep. Judy Chu (D-CA), Council Member June 14, 2016 Laura Yamanaka testified at the U.S. House of Representatives’ Subcommittee on Economic Growth, Tax and Capital Access United State of Women Summit – Washington, D.C. Hearing titled, “Bridging the Gap – Increasing Access to Council Chair Carla Harris moderated the panel Venture Capital for Small Businesses.” “Solution Seminar: Entrepreneurship – Getting Credit: Expanding Women’s Access to Capital” and served as a April 7, 2016 panelist for “A Conversation with Trailblazers: Making It’s Her Time: Developing a 21st Century Ecosystem to Support the Case for Gender Diversity Across Industries and Female Entrepreneurs – Baltimore, MD Sectors,” while Council Member Deborah Rosado Shaw served as a panelist for “A Conversation with Trailblazers: The Council developed this pre-conference workshop in support Making the Case for Gender Diversity across Industries th of the Women Presidents’ Organization 19 Annual Conference. and Sectors.” The workshop began with a panel discussion with Council Members Pamela Prince-Eason, Kimberly Blackwell and Kari Warberg Block, with moderator Amanda Brown, former Council Executive Director. The second part of the workshop featured breakout-discussions with women entrepreneurs on how the current business landscape can better support female entrepreneurs, facilitated by Council July 12, 2016 members and staff. Congressional Hearing – Washington, D.C. Invited by Ranking Member U.S. Rep. Carolyn Maloney May 2016 (D-NY), Council Chair Carla Harris testified for the U.S. Social Media Engagement Joint Economic Committee’s hearing, “Encouraging The Council released an online program featuring compelling stories Entrepreneurship: Growing Business, Not Bureaucracy.” of young women entrepreneurs who began their business ventures as students, titled #HerOwnBoss – Student Edition.

May 5, 2016 Her Own Boss: NYC Edition – New York, NY The Council, and Women Entrepreneurs NYC (WE NYC), an initiative of the New York City Department of Small Business Services, put on an event during National Small Business Week, featuring a panel of New York City-based women entrepreneurs to share their individual business journeys. Fortune Magazine’s Valentina Zarya moderated the panel, with representatives present from local programs. August 2, 2016 May 19, 2016 Community Visit – Atlanta, GA Women in Business – Washington, D.C. Council staff and members visited The City of Atlanta’s Women’s Council Member Kimberly Blackwell served as a panelist for a U.S. Entrepreneurship Initiative (WEI), the first city-funded incubator Black Chamber of Commerce’s School of Chamber and Business for women entrepreneurs. Council members interacted with WEI’s Management’s workshop. She spoke on the state of women of color first cohort while touring the working space and learning about their in entrepreneurship and previewed the Council’s 2016 Research on experiences accessing markets and capital. Black Women Entrepreneurs.

24 25 Chapter 3 | Annual Report FY2016 Annual Women’s Diversity and Inclusion and Inclusion Diversity Women’s Annual rd NAWRB 3 NAWRB Conference – Costa – Costa Conference Mesa, CA August 31, 2016 August highlighting the role of the Council of the Council the role highlighting panel, Sustainability in bringing entrepreneurs’ voices to the policy process. to voices in bringing entrepreneurs’ National Association of Women in Real Estate Businesses Businesses Estate in Real of Women National Association Small Business and participated Small Business on the conference, Council Executive Director Esther Morales attended the the attended Esther Morales Director Executive Council the business environment on the state of women entrepreneurs as they continue to launch, diversify, unify, scale up up scale unify, launch, diversify, to continue as they entrepreneurs of women the state on environment the business In FY2016 the Council earned prime media placements in top news media outlets. This furthered awareness within within furthered awareness media outlets. This news in top earned prime media placements the Council In FY2016 and conquer new levels of success. levels new and conquer September 19, 2016 19, September NAWBO 2016 National Business Conference: Leading the Way – Columbus, OH Columbus, – the Way Leading Conference: National Business 2016 NAWBO Roundtable – Atlanta, – Atlanta, Roundtable GA August 2, 2016 August those related to STEM. to those related women’s entrepreneurial experiences, particularly particularly experiences, entrepreneurial women’s business incubator, the Advanced Technology Development Development Technology the Advanced incubator, business incubator and participate in a roundtable with women with women participate and incubator in a roundtable Business Owners’ 2016 National Business Conference, to take a closer look at Congressional and SBA policy action over the the and SBA policy action over a closer look at Congressional take to Conference, National Business 2016 Owners’ Business past year. entrepreneurs selected from the program, discussing discussing the program, from selected entrepreneurs at the National Association of Women of Women at the National Association Panel” the “Legislative/Policy moderated Esther Morales Director Executive Council Council staff and members visited Atlanta’s technology technology Atlanta’s visited staff and members Council the tour to of Technology, Institute at the Georgia Center PUBLIC MEETINGS

The Council hosts a public meeting each quarter as an opportunity to share updates on priorities of the Council, research findings and other significant accomplishments. Public meetings allow the Council to convene stakeholders to network, share pertinent information and identify opportunities for mutual support.

Beyond Sole Source: Strategies to Reach the 5% Goal – Web Conference DEC December 8, 2015

For this online dialogue, the Council focused on strategies and tactics for reaching, and exceeding, the five percent Women Owned Small Business (WOSB) goal, bringing together a distinguished group of women to discuss the resources and tools available to women entrepreneurs to expand their businesses. The panel featured: • Erin Andrew, Assistant Administrator, Office of Women’s • Teresa Lewis, Director of the Office of Small Business Ownership and Disadvantaged Business Utilization for U.S. Department of Health and Human Services • Amanda Brown, Former Executive Director of the Council (moderator) • Rose Wang, Founder and Executive Vice President • Elise Hernandez, CEO and Founder of Ideal System Solutions of Strategy and Corporate Development of Binary Group and Former Council Member

The panel agreed it is important to recognize that when the federal government falls short of its minimal procurement goal, it is a huge loss not only for women-owned small businesses in terms of number of awards and the size of the awards, but also for the government. According to estimates made from the FY2014 Procurement Scorecard, falling short of the WOSB goal resulted in a potential opportunity loss of $1.2 billion.

The webinar also highlighted U.S. Senator Jeanne Shaheen, Ranking Member of the U.S. Senate Committee on Small Business and Entrepreneurship, and John Shoraka, Associate Administrator of the U.S. Small Business Administration, Office of Government Contracting and Business Development, to share updates on the nation’s small business economy and federal procurement initiatives.

The Tipping Point for Women’s Entrepreneurship: It’s Her Time! – Washington, D.C. MAR March 7, 2016

In honor of Women’s History Month, the Council convened a panel of government officials to discuss the Obama administration’s efforts to support women and their business endeavors. The panel featured: • Vikrum D. Aiyer, Chief of Staff of the U.S. Patent and Trademark • John Shoraka, Associate Administrator of Government Office in the U.S. Department of Commerce Contracting and Business Development at the U.S. Small Business Administration • Rob Diamond, Special Assistant to the President for Public Engagement and Director of Private Sector Engagement at the • Jeffrey Stout, Director of the State Small Business Credit White House (moderator) Initiative program at the U.S. Department of the Treasury • Jennifer Erickson, Assistant Director of Innovation for Growth in the White House Office of Science and Technology Policy The Council invited Maria Contreras-Sweet, Administrator of the U.S. Small Business Administration (SBA) to give an update on SBA programs. Council Chair Carla Harris held a fireside chat with Tina Tchen, Executive Director of the White House Council on Women and Girls, to discuss women entrepreneurs on the rise and the need for continued support of women business enterprises. The agenda also included a research presentation on the growth and development of women-owned businesses by Dr. Teresa Nelson, Council Member, and Julie Weeks, President and CEO of Womenable.

We also have to think about how we as women become the agents of change for women around the world. – Maria Contreras-Sweet, Administrator, U.S. Small Business Administration

26 27 Chapter 3 | Annual Report FY2016 . https://womenbizinfo.sites.usa.gov President and CEO All(n)1 Security and CEO President Mary Parker, Diversity of The Coca-Cola Company Coca-Cola of The Diversity Services, Inc. Services, Co-Founder and Co-Owner Co-Founder Zander, Laura Beans Wool of Jimmy Co-Founder and President Co-Founder Yamanaka, Laura Member Inc. and Council of teamCFO, Vice President of Global Supplier President Vice Thompson, Terrez • • • • Entrepreneurship – Atlanta, – Atlanta, Entrepreneurship GA Beyond the Start-Up: Strategies to Scale-Up – Web Conference Web – Scale-Up to the Start-Up:Strategies Beyond 2016 June 30, Atlanta, A Trailblazing City: The Importance of Diversity & Innovation in in & Innovation Importance of Diversity The City: A Trailblazing Atlanta, August 2, 2016 August Founder of DigitalUndivided (DID) Founder Kathryn Finney, for Entrepreneurs, Inc. Entrepreneurs, for Founder and CEO of WK Productions and of WK Productions and CEO Founder Keyes, Whitney MBA, President and CEO of Access to Capital to of Access and CEO MBA, President Fricks, Grace Council Member (moderator) Member Council and Council Member (moderator) and Council CrowdBureau, LLC CrowdBureau, of EarthKind, and CEO Inc. Founder Kari Warberg-Block, Founder and CEO of Wales Capital and Capital of Wales and CEO Founder Kim Wales, JUN AUG • • • • • Executive Director of The City of Atlanta’s Women’s Entrepreneurship Initiative, to discuss their participation in the Atlanta their participation discuss to in the Atlanta Initiative, Entrepreneurship Women’s of Atlanta’s City of The Director Executive Natalie Cofield, Founder and CEO of Walker’s Legacy, and Dr. Haile Cole, Lead Research for Walker’s Legacy. Walker’s for Research Lead Haile Cole, and Dr. Legacy, of Walker’s and CEO Founder Natalie Cofield, and hosted a panel discussion with Atlanta stakeholders at the Georgia Institute of Technology, Scheller College of Business. of Business. Scheller College of Technology, Institute at the Georgia stakeholders with Atlanta a panel discussion and hosted ecosystem and describe the resources they offer. The agenda also included a “sneak peek” fireside chat on the research entitled entitled chat on the research “sneak peek” fireside also included a agenda The offer. they and describe the resources ecosystem of supportive initiatives, city government and thriving multi-industry communities are working to develop a strong foundation for for foundation a strong develop to working are and thriving multi-industry communities government city initiatives, of supportive investment. of equity capital and other forms women entrepreneurs and business owners. The panel also discussed the disparate rate at which women are receiving venture venture receiving are at which women rate the disparate panel also discussed The owners. and business entrepreneurs women Collectively, the panel discussed a plethora of successes and challenges of Atlanta’s business climate, such as how the combination the combination such as how climate, business of Atlanta’s challenges and of successes a plethora the panel discussed Collectively, The agenda also included a tutorial on Grow Her Business: A Resource from Start-Up to Scale-Up by Annie Rorem, the Council’s the Council’s Annie Rorem, Scale-Up by to Start-Up from A Resource Her Business: on Grow also included a tutorial agenda The at portal Her Business can be found Grow The Manager. Senior Research Anzhela Knyazeva, Senior Financial Economist of the U.S. Securities and Exchange Commission (SEC), gave an update on the equity on the equity an update gave (SEC), Commission and Exchange of the U.S. Securities Economist Senior Financial Anzhela Knyazeva, the SEC. by of 2016 in May passed regulations crowdfunding Participants were united that successful scaling requires constantly changing priorities, while moving at a breakneck pace. Scale-up Scale-up pace. a breakneck at changing priorities, while moving constantly scaling requires that successful united were Participants challenges. new ever-presenting to that enable nimble responses strategies financing benefit from businesses While America’s start-up culture receives much media attention, for this online dialogue, the Council chose to shine a light on a light on shine chose to the Council this online dialogue, for much media attention, receives culture start-up While America’s women successful a panel of highly convened the Council do so, To the scale-up. a business: of building another critical stage panel featured: The a business. of scaling the challenges discuss to founders PUBLIC MEETINGS PUBLIC Council Member Whitney Keyes discusses solutions to increasing access to capital with women leaders and innovators in Atlanta’s in Atlanta’s and innovators leaders with women capital to access increasing solutions to discusses Keyes Member Whitney Council ecosystem. entrepreneurial The panel featured: featured: panel The The Council visited Atlanta — a dynamic city with an entrepreneurial ecosystem currently experiencing immense growth — — immense growth experiencing currently ecosystem with an entrepreneurial a dynamic city — Atlanta visited Council The Washington, and Theia Administration of the U.S. Small Business District Director L. Denison, Georgia Terri invited Council The “Black Women Entrepreneurs: Assessing Unique Challenges and Opportunities,” delivered by Carla Harris, Council Chair, Chair, Council Carla Harris, by delivered and Opportunities,” Unique Challenges Assessing Entrepreneurs: “Black Women Connecting Entrepreneurs with Opportunity, Resources and Each Other

In 1994, the Small Business Reauthorization and Amendments Act changed the membership structure of the Council from exclusively women business owners to its current form that includes both women business owners and representatives of women’s business organizations. Six national organizations hold positions on the Council, grounding research in practice, identifying critical needs in the landscape and connecting the dots.

Founded in 1998, the Association of Women’s Business Centers Founded in 1975, the National Association of Women Business (AWBC) is a national nonprofit 501(c)(3) organization that works Owners (NAWBO) is the unified voice for more than 10.1 million to secure economic justice and entrepreneurial opportunities for women-owned businesses in the United States. NAWBO is the women by supporting and sustaining a national network of over only dues-based organization representing the interests of all 100 Women’s Business Centers (WBC). WBCs help women in women entrepreneurs across all industries and with chapters every state succeed in business by providing training, mentoring, across the country. business development and financing opportunities. NAWBO’s 501(c)(3) launched the Institute for Entrepreneurial AWBC advanced bipartisan legislation to improve the Small Development. The Institute curriculum, designed by Babson Business Administration’s WBC program for the first time since College, is a virtual learning platform built for women business 1999, including pushing for the first grant level increase since the owners around the world who are dedicated to scaling and program was created in 1988. reaching $1 million in annual revenues.

AWBC hosted the second Women’s Business Centers Leadership NAWBO built a strong Congressional Endorsement Campaign, Conference in Milwaukee, under the theme “Strengthening our held the annual Advocacy Day, requested a Small Business Impact.” With over 350 attendees, the conference focused on Conference and educated members at the chapter level on enhancing the capacity of the WBCs, which provide training and building strategic relationships with public officials. In 2016, counseling to more than 140,000 clients. NAWBO launched a virtual membership for all women business owners outside the 45-mile radius of a chapter and provided virtual programming/webinars monthly for these women.

28 29 Chapter 4 | Annual Report FY2016 Founded in 1997, the Women’s Business Enterprise National National Enterprise Business the Women’s in 1997, Founded certifier of third-party is the largest (WBENC) Council in women by and operated controlled owned, businesses nonprofit, WBENC, a national 501(c)(3) States. the United provide to Organizations Partner partners with 14 Regional women-owned of certification to standard class its world the country. throughout businesses campaign which Intentionally WBENC launched the Act and the of women the immense buying power harnesses supports intentionally and, additionally, WBENC network, WBENC members. WBENCLink2.0, and released WBENC developed new This certification platform. digitized a completely (WBEs) Enterprises Business Women’s provides platform while also certification with a simpler process applying for and the Corporate for experience a user-friendly creating with WBEs. do business seeking to Members Government Women Impacting Public Policy, Inc. (WIPP) is a national is a national Inc. (WIPP) Policy, Impacting Public Women for advocates that nonpartisan public policy organization in the legislative owners business and on behalf of women nation. of our processes of women the perspective voice to WIPP continues and the Administration. Congress to owners business Program, Procurement Small Business Women-Owned The realize Administration Small Business which helped the U.S. funds contract of all federal percent five of awarding the goal 113 NAICS 83 to from expanded companies, women-owned to women more to market federal opening the industry groups, before. than ever Candidates Things 10 its policy platform, WIPP unveiled during the 2016 Entrepreneurs, About Women Know Need to WIPP raised this platform Through National Conventions. owners business important of issues women to the visibility that showing candidates, and Congressional with Presidential with unique force an economic are entrepreneurs women policy goals. (and $124 million (and $124 $12.6 over has invested Angels Astia Astia’s in 2013. its inception since million in syndication), and entrepreneurs women into investment model increases healthcare/life of technology, the sectors across their teams from products, and consumer clean technology sciences, stage. growth seed to Astia was founded in Silicon Valley in 1999 as a nonprofit in 1999 as a nonprofit Valley in Silicon founded Astia was best- identifying and promoting to dedicated organization the last 18 Over entrepreneurs. high-growth women in-class of men and women built networks Astia has actively years, female- its vision of inclusive embrace to the world around strategy. as an investment teams male top WPO continued its partnership with 100 Black Men of its partnership with 100 Black Men of WPO continued with entrepreneurs local women successful salute America to recipients All award Awards. Achievement of Color the Women of America, in conjunction the 100 Black Men by identified are is at each recipient and of the WPO, with a local chapter demonstrating achievement, the peak of her professional qualities and running multi-million outstanding leadership security. economic that promote dollar businesses WPO debuted a new handbook, “Women Presidents’ Presidents’ “Women handbook, a new WPO debuted Women-Owned/Led Growing 50 Fastest Organization sponsored book, The Growth™.” Guide to Companies 15 from stories compelling shares American Express, by Women- of the 50 Fastest winners experienced different the insight into and provides Companies Owned/Led fueled their growth. that strategies recruiting recruiting internationally, presence WPO strengthened its BIG in Lisbon, of Banco at the headquarters members new at in London at the House of Commons gathering Portugal; the by hosted business, on international event a roundtable and Group; Parliamentary All Party and Enterprise Women St. Regis. at the Hotel City in Mexico chapter launching a new Women Presidents’ Organization, Inc. (WPO) is a is a Inc. (WPO) Organization, Presidents’ Women presidents women for organization membership nonprofit global, confidential Through companies. of multimillion-dollar the WPO accelerates groups, peer-learning and collaborative and promotes competitiveness enhances growth, business security. economic Building Recommendations for an Ecosystem of Collaboration

Entrepreneurial ecosystem frameworks — which model the relationships between actors, organizations and processes that support entrepreneurs — allow for a comprehensive understanding of the strengths, weaknesses and opportunities for growth that communities, from the local to the national, demonstrate in their support of entrepreneurs. The framework created by the Council is particularly suited to developing and classifying incisive and impactful policy recommendations to support an ecosystem of collaboration.

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S trate vents gic Advice • Mentoring • E Wor ort kspace • Operational Supp 30 Capital Policy

Increase diversity among Small Business Investment Implement of Section 1071 of the Dodd-Frank Act: The Company (SBIC) partners and investors: The U.S. Small Consumer Financial Protection Bureau should continue Business Administration (SBA) should continue to evaluate its work to implement the Equal Credit Opportunity Act the SBIC program, and continue to promote diversity within (ECOA) amendment outlined by Section 1071 of the Dodd- the program’s partners and private investors by supporting Frank Act, which requires federal institutions to collect and emerging managers. maintain loan data for women-owned, minority-owned, and small business applications. Evaluate the SBA LINC tool: The SBA should evaluate lender- business matches made via its new LINC tool and define metrics Explore innovative incentives for investors receiving for the tool’s continuous improvement, particularly with respect public funds to prioritize diversity: Policymakers should to serving women-owned businesses. work to ensure that traditional sources of capital commit to consistent outreach to entrepreneurs of color, perhaps with Promote inclusion as part of the evaluation criteria for specified targets. grant funding: Grant-making organizations should include diversity and inclusion as part of the evaluation criteria for Standardize Survey of Business Owners and Self- funding by taking the lead of the SBA Growth Accelerator Employed Persons (SBO) data collection methodology: Fund Competition, which deliberately seeks out programs The U.S. Census Bureau should be supported in run by or supporting women and minority communities. standardizing data collection methodology for the SBO to ensure comparability across years, for more accurate Community Building and consistent analysis of business ownership. Investigate a certification for women-led businesses: Actively promote success stories: In addition to focusing Policymakers should explore a federal certification to on solving challenges, local governmental entities and include “women-led” businesses as well as women-owned community programs should actively promote success businesses, opening up opportunities for women business stories, including strong exits, as a form of role modeling owners to become or remain certified while also taking on for fellow women entrepreneurs. substantial external equity, if required for growth. Support opportunities for corporate and start-up connections: Provide guidance on Women-Owned Small Business The Council should explore and promote innovative ways to foster (WOSB) certification requirement: The SBA should and develop sustainable relationships between corporations and define and implement a refined WOSB certification women-owned small businesses. program in response to Congress’ directive to require Encourage the connection and collaboration of lending certification of WOSBs by either a federal agency, the institutions and entrepreneurial support organizations at SBA, state government or third-party certifiers approved the local level: The Council and its partners should share best by the SBA. practices of Community Development Financial Institutions (CDFIs), and encourage appropriate institutions to apply for the CDFI Fund, allowing them to develop microloan programs that benefit women business owners.

Convene women business stakeholders: The Council and its partners should host strategic summits with key stakeholders in order to discuss, assess and improve specific policies related

to women’s business ownership. Chapter 4 | Annual Report FY2016

31 Resources Market Access

Improve Grow Her Business portal inventory: The Council Elevate corporate supplier diversity opportunities and best encourages locally focused organizations to consider Grow Her strategies: The Council should convene U.S. corporate leaders Business as a blueprint to assist in their development of inventories to share existing opportunities and potential barriers for women that include community banks, government programs, organization entrepreneurs and share best practices. chapters, local support organizations and other niche opportunities. Increase transparency in supplier diversity operations: Encourage collaboration among support organizations: Congress and advocacy organizations should lead a national Communities should build up collaboration among support “charge” to increase transparency in supplier diversity operations organizations to ensure that they can coordinate more closely and spending. with each other, and develop accessible and up-to-date listings Build and assess technical capacity of women-owned businesses: of local entrepreneurial support organization offerings and events. The U.S. Small Business Administration and its resource partners, Grow participation in incubators and accelerators: Incubators such as SBA’s Women’s Business Centers, should develop and and accelerators should establish and encourage gender-aware promote resources to build and assess women-owned firms’ mentoring programs and networking events. readiness for corporate supplier programs.

Recognize those agencies meeting and exceeding the five Human Capital percent WOSB federal contracting goals in FY2016: The Council can raise awareness of the WOSB program by Increase leadership of Black women entrepreneurs: celebrating its successes. Policymakers and other stakeholders should encourage Black women, and other underrepresented populations, to actively participate in the leadership of investment organizations or become angel investors.

Universities should explore and develop diverse entrepreneurship curricula: Universities, and all institutions of higher learning, should strengthen business programing and assess entrepreneurship curricula for inclusion of diverse perspectives, leadership, and resources intended to specifically support minorities and women in business.

Innovation

Encourage the commercialization of basic research: The SBA should continue to pursue diversity in the Small Business Innovation Research (SBIR)/Small Business Technology Transfer (STTR) programs by highlighting opportunities to apply for SBIR/ STTR funding.

Optimize and standardize data collection from the Small Business Administration’s Women’s Business Center (WBC) programs: The SBA should evaluate current WBC reporting requirements and consider additional metrics that will improve program assessment.

Continue investigating non-traditional and alternative funding sources: Policymakers should evaluate non-traditional and alternative funding sources — particularly financial technology lending start-ups — and continue working to ensure all alternative funding platforms are available, strong and secure.

32 A Look Ahead to FY2017

The Council continues the momentum across its four foundational pillars — data, access to capital, access to markets, and job creation and growth — to advance quality research, policy, and practices that expand and improve opportunities for all women business owners.

All of us can agree that we want effective policy to support all businesses, including those that are women- owned, as they start, sustain and grow as a force in our economy. During this transition year, it is important to know that the Council will not miss a beat.

The Council needs you there every step of the way. Per congressional mandate, the Council offers all stakeholders at least four forums a year to participate in the Council’s work. In December 2016, the Council kicked off FY2017’s public meetings with a webinar — United We Thrive: Sustaining Our Momentum in Corporate and Public Arenas. If you weren’t able to tune in — save the following dates for both in-person and online opportunities:

Wednesday, March 8, 2017 | Wednesday, May 10, 2017 | Wednesday, August 9, 2017

By studying what each strand of the community needs, and joining forces to find solutions to the toughest challenges, we all push each other forward. The Council is excited to once again put pen to paper in the up-coming year and advise a new set of leaders in the White House, U.S. Congress and the U.S. Small Business Administration. The Council will continue to focus on the issues that impact women business owners the most and to identify the most innovative solutions to the challenges faced. United, we will thrive!

33 Meet the Council and Staff

Council members work hard throughout the year to bring data, research findings and policy recommendations to all corners of the country. The Council is diverse in industry, stage of business, geography, race, story, and more. Council members engage all the players in our ecosystem to sustain the momentum in public and private arenas and to win on issues of impact to women business owners.

Carla Harris is a successful global finance professional, appointed by President Barack Obama in August 2013 to chair the National Women’s Business Council. With a mission to advance and unite women business owners through the Council, she has helped propel collaboration, engagement and policy to support women’s entrepreneurial success. Serving as Vice Chairman of Wealth Management, Managing Director and Senior Client Advisor at Morgan Stanley, Ms. Harris is responsible for increasing client connectivity and penetration to enhance revenue generation across the firm. She has been named to Fortune magazine’s list of “The 50 Most Powerful Black Executives in Corporate America,” U.S. Banker’s “Top 25 Most Powerful Women in Finance,” Black Enterprise’s “Top 75 Most Powerful Women in Business” and “Top 75 African Americans on Wall Street,” Essence magazine’s list of “The 50 Women Who are Shaping the World,” and Ebony’s list of the “Power 100” and “15 Corporate Women at the Top.” She was also named as Woman of the Year by both the Harvard Black Men’s Forum and the Yale Black Men’s Forum. Earning her Bachelor of Arts in economics from Harvard University and a Master of Business Administration from Carla Harris Harvard Business School, she has received Honorary Doctorates of Law, Humanities and Business from numerous colleges and universities. Ms. Harris remains actively Chair, National Women’s Business Council; involved in her community and heartily believes “we are blessed so that we can be Vice Chairman, Wealth Management, a blessing to someone else.” She is an accomplished jazz and gospel singer, having Managing Director and Senior Client released three albums and performed five sold out concerts at Carnegie Hall and is Advisor at Morgan Stanley also the author of two published books, “Strategize to Win” and “Expect to Win.”

34 Marsha Bailey is the Founder and CEO of Women’s Economic Ventures (WEV) and the Small Business Loan Fund of Santa Barbara. Since 1991, WEV has helped more than 2,500 local businesses start or expand, provided entrepreneurial training and technical assistance to over 15,000 women and men, and made more than $3.5 million in loans to pre-bankable small businesses. She has been developing educational programs and services for women since 1983 and is the primary author of WEV’s self-employment training curriculum, “From Vision to Venture.” Under Ms. Bailey’s leadership, WEV has grown from a small organization of just two employees, to a nationally recognized women’s business development organization with an annual budget of $1.4 million. She is the President of the Board of Directors of the Association of Women’s Business Centers, a member of the Union Bank of California’s Community Advisory Board and past President of the California Association for Micro Enterprise Opportunity. She has served on the Board of Directors of many local organizations including the Fund for Santa Barbara and the Women’s Political Committee. Ms. Bailey has Marsha Bailey also mentored and trained emerging women leaders from California, Nepal and Jordan, has Chair, Association of Women’s provided entrepreneurial training for women in Hungary, and lectured at the Sorbonne in Paris. Business Centers; Founder and CEO She has provided consulting and training on organizational development and sustainability to of Women’s Economic Ventures and a USAID-funded women’s business organization in Amman, Jordan as well as to many U.S. the Small Business Loan Fund of organizations. Ms. Bailey has a master’s degree in communication from the University Santa Barbara of California, Santa Barbara, a Bachelor of Arts from Michigan State University in fine art and sociology and is a certified Economic Development Finance Professional.

Rosana Privitera Biondo is a founding employee of Mark One Electric Co., Inc., a specialty electrical contracting firm. In 1994, after 20 years with the company as an employee and as the Secretary/Treasurer, she became the President and an Owner of Mark One Electric. She currently oversees the day-to-day operations of the company with all eight departments reporting directly to her. Her primary focus is to continue to build Mark One Electric’s successes, to ensure that it will be here for the next generation. Under Ms. Biondo’s leadership and with the support of her tremendous staff, Mark One Electric has grown into one of Kansas City’s top ten electrical contractors. She has helped to improve the business climate for women and minorities in the Kansas City area and elsewhere through her efforts as the past National and Local Chairperson of the National Association of Women in Construction Business Owners Council, as an alternate to the Coalition of Greater Kansas City Missouri in reviewing construction projects for the participation of women and minority contractors, as a Committee Member for the Builders Association Public Relations Committee, as a President of KC CREW, as a Rosana Privitera Biondo Board Member for the Downtown Council, and as a valued member of Women Construction President of Mark One Electric Owners and Executives, Kansas City Council of Women Business Owners, Minority Contractors Company, Inc. Association, Kansas City Hispanic Association Contractors Enterprise, Kansas City, Kansas Chamber Board, Associated General Contractors Association, The Heavy Constructors Association, Native Sons and National Electrical Contractors Association, APSC, Native Son Scout, Society Ragusa Americana, American Daughters of Columbus and St. Luke’s North Hospital. Ms. Biondo is always striving to ensure that women and minorities are included.

Kimberly Blackwell, a marketing industry executive, is CEO of PMM Agency. Founded in 1999, the nationally award-winning and now multi-million dollar brand strategy firm provides comprehensive marketing, creative services, reputation management, digital, production, communications and agency of record representation to its Fortune 100, government and influencer clientele. She has received numerous recognitions such as 2015 Smart 50 honoree by Smart Business, and was saluted as a 2015 NAWBO Visionary Finalist by National Chapter 7 | Annual Report FY2016 Association of Women Business Owners Columbus. A 2014 Enterprising Women of the Year, Ms. Blackwell has earned global recognition among other successful female business owners. In 2014, Black Enterprise featured her as one of the country’s “Women of Power” and in 2013 Black Enterprise named her among the nation’s “Top Executives in Marketing & Advertising.” She is often consulted for thought leadership in areas of brand management, inclusion strategies, innovation and business. Ms. Blackwell is a Certified Diversity Professional of Cornell University. She has completed professional executive programs at Dartmouth’s Tuck College Kimberly A. Blackwell of Business, Northwestern University’s Kellogg School of Management and Harvard University. CEO of PMM Agency Ms. Blackwell currently serves as a board member and trustee for the Columbus Chamber of Commerce, YWCA Columbus, Columbus Urban League, King Arts Complex and Center for Healthy Families. She is a member of the Executive Leadership Council, the Women Presidents’ Organization, and a lifetime member of the National Black MBA Association®. She holds a bachelor’s degree from Syracuse University and a master’s degree from Xavier University (Ohio).

35 Sherry Stewart Deutschmann is the founder of LetterLogic, Inc., a $36 million company whose primary client base is the healthcare revenue cycle. LetterLogic provides patient statement processing services, both electronically and in the traditional print-and-mail format. LetterLogic currently services over 150 healthcare entities in 45 states with 53 employees. Though she moved to Nashville to pursue a singing career, Ms. Deutschmann switched gears and founded LetterLogic in her basement in 2002. She and the company have enjoyed tremendous success. Ms. Deutschmann has been recognized by EY as an “Entrepreneurial Winning Woman”; LetterLogic has been named an “INC 5000 Company” for nine consecutive years; and she has been quoted in Success, Forbes, Entrepreneur, Business Leaders and Fast Company. In April 2011, Ms. Deutschmann was named “Entrepreneur of the Year” by the Nashville Business Journal and was winner of the Women Presidents’ Organization’s Mary Lehman MacLachlan Economic Empowerment Award. In 2013, she was inducted into the Nashville Entrepreneur Center Entrepreneur Hall of Fame, only the second woman added to that list. She is an active member in Sherry Stewart Deutschmann the leadership of the Tennessee Chapter of the Healthcare Financial Management Association and CEO and Founder of LetterLogic, Inc. served as the President in 2006 – 2007. She also serves on the Board of Directors for the Nashville Area Chamber of Commerce and the Board of Directors for Synovus’ Bank of Nashville. Ms. Deutschmann is a frequent guest lecturer for Vanderbilt University’s Human and Organizational Development classes, sharing her experience in creating and sustaining a winning culture.

Jen Earle has worked with the National Association of Women Business Owners (NAWBO) since 2008, utilizing her institutional knowledge and drive to help carry out the NAWBO Board’s vision. She brings to the table more than a decade of multi-disciplinary, high-level experience in operational and project management development, support and execution for a broad range of boards, business groups, entrepreneurs, CEOs and executives. She also has extensive experience as a business owner. Within three years of graduating from the University of Notre Dame with a degree in economics, at the age of 25, Ms. Earle became co-owner of a commercial music production company, Element Music and Sound Design. During her tenure, the business grew exponentially, rivaling the largest commercial music companies in the business and working with entities including BMW, Disney, Nintendo and Sprint. A decade later, to respond to her evolving family needs and to reconnect with her passion, Ms. Earle launched Savvy Ops, a consulting group to provide virtual operational support to the nonprofit business world. A philanthropist at heart, she also co-founded a family-friendly series of workshops, Kid-Formation, as an outreach Jen Earle to parents like herself; she helped launch Fertile Action, a nonprofit designed to help women CEO of the National Association affected by cancer become mothers, and she spent a year with the Department of Social Services of Women Business Owners in South Bend, Indiana, as a volunteer counselor to abused and runaway teens. Ms. Earle currently volunteers with her nieces at OneOC. After weeknight dinners, she can be found assisting with seventh grade homework, reading lines for plays and shagging tennis balls with her son, Jonah.

Dr. Marsha Firestone is a recognized expert in entrepreneurship and the Founder and President of the Women Presidents’ Organization, which began in 1997 as a peer advisory organization for women who own and lead multi-million dollar businesses. She is also the Founder and President of the Women Presidents’ Educational Organization, dedicated to increasing access to business opportunities for women’s business enterprises. Dr. Firestone led the development of a master plan for accelerating the growth of women’s businesses, which was presented to Congress and the public in March 1999. She was appointed to her first term on the National Women’s Business Council in 2003 and her second term in 2015. Dr. Firestone is the author of “The Busy Woman’s Guide to Successful Self-Employment.” She also published research in business and educational journals on adult learning theory, nonverbal communication and managerial competency, and also serves the worldwide women’s business community as a frequent guest speaker. Among many awards, she has been honored with the Applause Award for breaking down barriers for women in business from Women’s Business Enterprise National Council (WBENC), The Hall of Dr. Marsha Firestone Fame and Legacy Awards from Enterprising Women, the 2014 Skills to Succeed Award from the President and Founder of Committee of 200 and the Professional Achievement Award from Tulane University. Dr. Firestone Women Presidents’ Organization was also one of three finalists for Entrepreneurial Supporter by Ernst and Young. She serves on numerous boards and advisory councils including WBENC, Enterprising Women Advisory Board, Newcomb College Institute Director’s Advisory Council and the International Women’s Forum. Dr. Firestone earned a master’s degree in communication from Teacher’s College of New York and a Ph.D. in communication from Columbia University, where Margaret Mead sat on Dr. Firestone’s dissertation committee.

36 37 Chapter 7 | Annual Report FY2016

onsulting firm — is taking diversity and inclusion ideas onsulting firm — is taking diversity ommunication, publishing and c

is the President and CEO of the Women’s Business Enterprise Enterprise Business of the Women’s and CEO is the President Prince-Eason Pamela laude from Johns Hopkins University in Baltimore with a Masters of Administrative Science in Science of Administrative with a Masters in Baltimore Johns Hopkins University laude from businesses. Ms. Keyes next worked at Microsoft, managing global marketing campaigns, campaigns, managing global marketing at Microsoft, worked next Ms. Keyes businesses. international business and finance. Professionally, she has achieved the designation of Certified the designation of Certified she has achieved Professionally, and finance. business international including the launch of Office 2000, an $8 billion business. She helped create the company’s the company’s helped create She an $8 billion business. 2000, Office including the launch of to women’s business leadership is illustrated in her many professional and personal roles roles and personal professional in her many is illustrated leadership business women’s to the Neighborhood Business District Revitalization Program, advocating for over 500 small over for advocating Program, District Revitalization the Neighborhood Business proven success in business and in serving others in her workplace and around the globe. and around in her workplace and in serving others in business success proven Pfizer Inc. and held various leadership positions at Texas Instruments, GSE Systems, Warner Warner Instruments, GSE Systems, positions at Texas leadership Inc. and held various Pfizer she at Pfizer, During her tenure RMR Associates. of women-run Lambert and as a Co-owner Shell Diversity Council, Advisory Owned Business Women Walmart’s Network, Entrepreneur Among many of Supply Management. the Institute form in Supply Management Professional National Council (WBENC), having assumed the role in 2011. Her professional career as both career Her professional in 2011. the role assumed (WBENC), having National Council Economic Development Department in Washington State. In that role, she helped manage she helped manage In that role, State. Department in Washington Development Economic practice. She served as a Professor and Fellow for the Center for Strategic Communications Communications Strategic for the Center for and Fellow as a Professor She served practice. first Corporate Social Responsibility initiatives and philanthropy program, Unlimited Potential. Potential. Unlimited program, and philanthropy initiatives Social Responsibility Corporate first has worked over the past 20 years as a senior Microsoft manager, strategic strategic manager, Microsoft as a senior past 20 years the over has worked Keyes Whitney strategic leadership, management best practices and cost ownership processes. Prior to joining to Prior processes. ownership and cost best practices management leadership, strategic the Dell Women’s program, Women Winning including the Ernst & Young corporations several social entrepreneurs and youth in Asia and Africa. She is the winner of the Small Business She is the winner of the Small Business Asia and Africa. in youth and social entrepreneurs Ms. Keyes received her bachelor’s degree in communications and journalism and a Master and journalism and a Master in communications degree her bachelor’s received Ms. Keyes Ms. Keyes has received grants from the State Department to empower women leaders, leaders, women Department the State empower to from grants has received Ms. Keyes supporting children and adults with disabilities, and manages a global business consulting consulting business a global disabilities, and manages and adults with supporting children merchant and led the local business small her family’s managing her career began Ms. Keyes also held the role of Chair of the WBENC Board of Directors. Ms. Prince-Eason’s dedication Ms. Prince-Eason’s of Directors. of Chair of the WBENC Board also held the role of on the advisory committees She is also opportunity. and excellence women’s advancing author of the book “Propel: Five Ways to Amp Up Your Marketing and Accelerate Business.” Business.” and Accelerate Marketing Amp Up Your to Ways Five author of the book “Propel: association. Her passion for entrepreneurship evolved into a position in the City of Tacoma’s of Tacoma’s in the City a position into evolved entrepreneurship for Her passion association. adviser for American Express and consultant to thousands of businesses around the world. the world. around of businesses thousands to and consultant Express American for adviser Communication. and Strategic Management Reputation Global teaching at Seattle University other awards, in 2014 Ms. Prince-Eason received The National Association for Female Executives Executives Female for National Association The received Ms. Prince-Eason in 2014 other awards, corporate executive and woman business owner honed her expertise in supplier diversity, in supplier diversity, honed her expertise owner business and woman executive corporate of Business Administration in Global Social Enterprise Leadership. in Global Social Enterprise Administration of Business well as the Coca-Cola Company’s 5by20 initiative. Ms. Prince-Eason holds a Bachelor of Business holds a Bachelor of Business Ms. Prince-Eason initiative. 5by20 Company’s as the Coca-Cola well She is Vice President of Partnerships and PR for Northwest Center, a social enterprise a social enterprise Center, Northwest PR for and Partnerships of President She is Vice to the next level. Bridging academia and practice, the firm develops research and business tools tools and business research the firm develops Bridging academia and practice, level. the next to men in white powerful of the role States, United such as the Minority-Majority on projects for working diversity get to can take companies steps and the practical achievement, diversity the organization—not serving In addition to as well. performance but for compliance just for Ms. Nelson is a member of the Scientific Committee Council, Business on the National Women’s leading entrepreneurship Europe’s activist arm of a nonprofit in Paris, Growth Equity of Women for Astia, a global capital network she represents Further, capital firm, Bryan-Garnier. venture other in addition to Board, serving on their Global Advisory entrepreneurs, high-growth women at Simmons and Entrepreneurship Management of Strategic Ms. Nelson is a Professor service. in Belgium. Her of Liège at the University program in the Ph.D. and also teaches in Boston College administration. in business of Illinois (Champaign-Urbana) at the University achieved was Ph.D. included the engineering have engagements whose recent speaker Ms. Nelson is a sought-after the Series beamed internationally, Speakers in their Great (Dell Technologies) of EMC group the MIT America national conference, for Making Value of Engineering’s National Academy Conference. Leadership College and the Simmons Engineering D-Lab program Environmental is an academic, policy advisor and entrepreneur. Her venture — The Impact — The Her venture Nelson is an academic, policy advisor and entrepreneur. Teresa Dr. Seat, a c & Inclusion Collaboration Partners, MGM Resorts International Diversity Advisory Board, as Board, Advisory Diversity International MGM Resorts Partners, & Inclusion Collaboration WBENC, Ms. Prince-Eason held the position of Vice President of Worldwide Procurement for for Procurement of Worldwide President held the position of Vice WBENC, Ms. Prince-Eason (NAFE) Women of Excellence Award, recognizing her as a “Woman of Achievement” for her for of Achievement” her as a “Woman recognizing Award, of Excellence (NAFE) Women Administration in accounting from East Tennessee State University and graduated magna cum and graduated University State East Tennessee from in accounting Administration Administration’s Women in Business Champion of the Year Award for Washington State and State Washington for Award of the Year Champion in Business Women Administration’s

Business Enterprise National Council Enterprise Business President and CEO of the Women’s of the Women’s and CEO President Pamela Prince-Eason Pamela Principal of The Impact Seat of The Principal Astia Global Advisory Board Member; Member; Board Astia Global Advisory Dr. Teresa Nelson Teresa Dr.

Founder and CEO of WK Productions and CEO Founder Whitney Keyes Whitney Deborah Rosado Shaw founded the Rosado Shaw Group, LLC, a career success and leadership development company focused on women’s leadership and diversity. Since 1996, she has worked with organizations that include Accenture, American Express, The Congressional Hispanic Caucus Institute, IBM, Microsoft, New York Life, PepsiCo, Sam’s Club, Walmart and many more. She is currently the Senior Vice President and Chief Diversity and Engagement Officer for PepsiCo, Inc., a global food and beverage company with net revenues of more than $63 billion and a product portfolio that includes 22 brands that generate more than $1 billion each in estimated annual retail sales. Ms. Shaw provides leadership in guiding PepsiCo’s global Diversity and Engagement strategy to bring together diverse strengths, backgrounds and perspectives to achieve the company’s strategic business imperatives, advance its performance and drive innovation. In addition to being a highly successful entrepreneur who built and sold a multi-million dollar international merchandising company, Ms. Shaw has received numerous awards including the SBA sponsored Women of Enterprise Award, the National Foundation of Women Legislators Entrepreneur of the Deborah Rosado Shaw Year Award and the Students in Free Enterprise America’s Free Enterprise Legend Award. She also Founder of the Rosado Show Group, LLC joined the ranks of Billie Jean King and Madeline Albright to receive the Office Depot Visionary Award. Additionally, Hispanic Business Magazine named her one of “80 Elite Women Leaders.” Hispanic Trends Magazine called her a visionary power broker and Hispanic Magazine named her as one of the “100 Most Successful Latinas in the U.S.” Ms. Shaw is a thought leader whose insights have appeared in Business Week, Forbes, “O” Magazine, USA Today, The Wall Street Journal, “The Oprah Winfrey Show” and many others.

Anne D. Shybunko-Moore is President and Owner of GSE Dynamics Inc., a defense manufacturer founded in 1971 and located on New York’s Long Island. GSE specializes in providing complex structural assemblies direct to the United States Air Force, Navy and Army, as well as prime to Boeing, General Dynamics, Lockheed Martin, Northrop Grumman, and Sikorsky. After joining GSE in 2001, Ms. Shybunko-Moore’s leadership led GSE to a steady increase in level of business, increased visibility as an industry leader and recognition as an advocate for manufacturing on a local and national level. Locally, Anne is the Founder and Chair of the Manufacturing Consortium of Long Island (MCLI) — the regional voice for manufacturing initiatives and advocacy. She was appointed to Gov. Andrew Cuomo’s Long Island Regional Economic Development Council and his State Workforce Investment Board. She is also a member of the Supplier Management Council of the Aerospace Industries Association (AIA) and represents that council on the Executive Committee of the AIA. Ms. Shybunko-Moore has been recognized during her career at GSE as both a leader in the manufacturing industry and as a Woman Business Owner on Long Island. Anne D. Shybunko-Moore She represented GSE when the Defense Logistics Agency awarded her company the prestigious President and Owner of Outstanding Readiness Support award for Woman Owned Business. She has also been recognized GSE Dynamics, Inc. by a number of publications for her business and community accomplishments and national recognition as Enterprising Woman of the Year. Ms. Shybunko-Moore is married to Jamie Moore, President of the Manufacturing Consortium of Long Island (MCLI).

Rose Wang is a serial entrepreneur. She founded Binary Group in 1996 and the company has been recognized many times throughout its 18-year history for the exceptional results it delivers. Since late 2015, the company was sold in successive events and Ms. Wang is currently transitioning the company to new ownership. Ms. Wang is a highly regarded IT strategist and a technology entrepreneur. Early in her career, she was a pivotal engineering team member for Lighthouse Design, a Silicon Valley startup. After a successful acquisition of Lighthouse by Sun Microsystems, Ms. Wang launched an IT consulting company, securing contracts from Fortune 500 companies, including MCI, Fannie Mae and Sprint. She joined the venture-backed start-up InLine Software as their Chief Architect, leading product development of enterprise software. She also founded an online women’s business community, iBizWomen.com. In addition to her successful entrepreneurial history, Ms. Wang is a thought leader on small business issues as well as government procurement policies and is often sought after as a speaker on these subjects. Notably, she has been featured in the Washington Post and Washington Business Journal and Rose Wang has been guest panelist for many conferences including: the Army Small Business Conference, Representative of Women Impacting the “TiE-DC & Success in the City Uberchick” Panel, the National Association of Women Public Policy, Inc. Business Owners Center for Entrepreneurial Excellence, U.S. Women’s Chamber of Commerce and Defense Information Systems Agency’s Women’s History Month Program. Ms. Wang holds a post-graduate degree in computer science from the University of Houston, Texas.

38 39 Chapter 7 | Annual Report FY2016 is the CEO and Founder of EarthKind and a true mother of invention. of EarthKindinvention. mother of and a true Founder and CEO is the Block Kari Warberg find a natural to determined she was at home, children small with two mid-1990s, In the health of her family. without risking the of rodents farm rid the family would solution that use at home, enough to safe repellent rodent botanical Cab®, the first Fresh She created EarthKind products, Today, efficiency. for standards EPA Federal meet enough to but strong stores retail sold in 55,000 are farms, on family grown ingredients from made exclusively champion for is a tireless Ms. Block disrupter, Hailed as a market the U.S. throughout to and she is committed and entrepreneurship sustainability agriculture, value-added of the employment Through and work. live in which her employees those communities and resources renewable of natural, the utilization disabled citizens, developmentally standard set a new she hopes to (2%) carbon footprint, of a responsible maintenance Block has been Ms. of her achievements, As a result is managed. business way the for of one Women, Winning Entrepreneurial 2012 Ernst & Young’s as one of an recognized of the Person Business Small NorthDakota’s company, growth fastest 500/5000 Inc.’s the U.S. Small by the Year of Person Small Business National for and a runner-up Year publications such as Forbes, in numerous featured She has been Administration. Business Huffington to writer contributing and is a regular Woman, Country Success, Inc., AOL, her case study detailing of a 2014 focus As the Magazine. and Entrepreneurship Post the Best Case Award awarded EarthKind, with Ms. Block was journey entrepreneurial of a Case as the protagonist featured entrepreneurs female few one of very and is now study. case Center Executive Director Director Executive

in Weslaco, Texas, a small city on the Texas-Mexico border. on the Texas-Mexico a small city Texas, in Weslaco, Social Justice Certificate and a Business Foundations Certificate. She was born and raised born and raised She was Certificate. Foundations and a Business Certificate Social Justice a bachelor’s degree in Sociology with Honors, a Bridging Disciplines Human Rights and a Bridging Disciplines Human Rights in Sociology with Honors, degree a bachelor’s Class of 2015 – 2016. Cristina graduated from the University of Texas at Austin in 2013 with in 2013 at Austin of Texas the University from Cristina graduated 2016. – of 2015 Class recent graduate of the American University Women and Politics Institute’s WeLead Program, Program, WeLead Institute’s and Politics Women of the American University graduate recent an NGO dedicated to empowering women and girls in Rio de Janeiro, Brazil. Cristina is a Brazil. and girls in Rio de Janeiro, women empowering to an NGO dedicated Governor’s Fellowship Program at the Criminal Justice Division, and interned with Criola, Division, and interned at the Criminal Justice Program Fellowship Governor’s completed the Bus Project’s ten-week fellowship as a PolitiCorps Summer Fellow, the Texas the Texas Summer Fellow, as a PolitiCorps fellowship ten-week the Bus Project’s completed interned for the White House Office of the First Lady with the Office of the Social Secretary, Secretary, of the Social the Office Lady with of the First House Office the White for interned D-CA. She has also worked at the University of Texas at Austin Psychology Department, Psychology at Austin of Texas at the University She has also worked D-CA. Brookings Institution and a Running Start Star Fellow in the office of Rep. Linda Sanchez, of Rep. in the office Institution and a Running Start Star Fellow Brookings inequity. Esther earned her Bachelor of Arts from Princeton University. Princeton Esther earned her Bachelor of Arts from inequity. at The Center Policy the Metropolitan for assistant a development NWBC, Cristina was lead to healthier, more prosperous communities, addressing issues of injustice and of injustice issues addressing communities, prosperous more healthier, lead to joining to Prior as the Special Assistant. back in 2014 Council Business National Women’s grassroots organizing experience to the goal of building innovative partnerships that partnerships building innovative of the goal to experience organizing grassroots Cristina started with the of the Council. and events and amplifies the research strategy, Esther brings over 12 years of campaign management, community development and development community of campaign management, 12 years Esther brings over Manager and Engagement | Marketing Flores Cristina implements a digital media strategy, and outreach marketing the Council’s Cristina oversees Children, Youth and Families to implement $5 billion in one-time early childhood funding. to and Families Youth Children, landmark Affordable Care Act; and working with local programs at the Administration for for at the Administration with local programs and working Act; Care landmark Affordable forward; working with the U.S. Department of Health and Human Services to implement the to with the U.S. Department of Health and Human Services working forward; education, working at the U.S. Department of Energy with states to move energy priorities energy move to at the U.S. Department states with of Energy education, working Over the last eight years, she has focused on a range of policy areas besides climate and besides climate of policy areas on a range she has focused last eight years, the Over that, was the Associate Director of Policy in the Office of the First Lady at the White House. House. Lady at the White of the First in the Office of Policy Director the Associate that, was White House Liaison position at the U.S. Environmental Protection Agency, and, before and, before Agency, Protection House Liaison position at the U.S. Environmental White Esther currently serves as the Executive Director to the Council. Just prior, she held the Just prior, the Council. to Director as the Executive serves Esther currently Esther Morales | Morales Esther in the future. women business owners and remains committed to expanding and improving opportunities for these entrepreneurs opportunities entrepreneurs these for improving and expanding to committed and remains owners business women The Council staff supports the organization in its role as advisor and counsel on economic issues of importance to of importance to issues on economic and counsel as advisor staff in its role supports organization the Council The COUNCIL STAFF COUNCIL

CEO and Founder of EarthKind and Founder CEO Kari Warberg Block Kari Warberg Annie Rorem | Senior Research Manager Annie has a background in quantitative analysis, the belief that good public policy requires good data, and a desire to better understand — and improve — the experiences of women in the labor force. Prior to joining the Council, Annie served as Policy Associate in the Demographics Research Group at the University of Virginia’s Weldon Cooper Center for Public Service. In that position, she conducted demographic data analysis for a wide variety of locality, state and private clients. In addition, she authored several reports on poverty and the social safety net, and wrote frequently about gendered income disparities. Annie also served as a lecturer at the University of Virginia, most recently offering a course on “data wrangling” in Stata. Annie holds a Master of Arts in mathematics from Wesleyan University, where she also completed her undergraduate education, as well as a Master of Public Policy from The Frank Batten School of Leadership and Public Policy at the University of Virginia. In 2015, Annie was named a Top 30 Thinker Under 30 by Pacific Standard magazine.

Dolores “Lori” Rowen | Research Manager For over seven years, Lori has conducted research with a singular devotion. Her passion for quantitative analysis started with her experience as a research assistant in her undergraduate program. This led to her being awarded a research fellowship in graduate school where she worked extensively on quantitative and qualitative economic analyses in the field of international relations. Lori served as an Advocacy Assistant for Caritas Internationalis, a civil society organization at the United Nations, where she represented the organization in complex diplomatic negotiations. She also held a position working closely with the Deputy Chief of Mission at the U.S. Department of State in Honduras as an Executive Office Intern. Additionally, she served as a public affairs intern in the office of Rep. Maurice Hinchey, D-NY and constituent services intern for Assemblyman Jeffrey Dinowitz. Lori graduated summa cum laude and Phi Beta Kappa from Manhattan College with a Bachelor of Arts in both government and psychology. She holds a Master of Arts in Diplomacy and International Relations from Seton Hall University where she specialized in international economics and development, as well as Latin American and Caribbean studies. Lori is committed to empowering and supporting women and children through volunteer efforts both domestically and abroad. Lori is the recipient of the Harold E. Hazelton Humanities Medal and the Ryan Medal for Government.

Shannon Trudge | Special Assistant Shannon serves as advisor and confidential assistant to the Council. She manages many of the office operations and logistics for Council events, engagements, and Public Meetings. Prior to joining the Council, Shannon served as a Research Fellow for The Nexus Fund, an organization supporting the global community to end mass atrocities, where she assisted with strategic research and operational support for the global field research teams and human rights funding initiatives for civil society engagement. She also worked with various social policy and civil rights organizations, such as the D.C. Branch of the National Association for the Advancement of Colored People (NAACP) and the U.S. Commission on Civil Rights, where she aided the Commission’s research and policy efforts on criminal justice reform. Shannon graduated from American University with a Bachelor of Arts in sociology and minor in international studies, where she focused on public sociology and social development, specifically for the advancement for women and marginalized communities. Shannon is an east coast native from West Orange, New Jersey.

We believe women with innovative and scalable ideas should be able to grow their businesses, increase their receipts and create more jobs. – Carla Harris, Chair

40 Acknowledgments

The Council graciously thanks the numerous individuals and organizations that helped make the Council’s mission a success in FY2016. Without their important contributions growing and diversifying women’s entrepreneurship and business leadership — both individually and, more importantly, in conjunction with one another — the Nation’s business ecosystems would not be as strong today.

RECOGNITION OF SERVICE

The Council provides a special thanks to Amanda Brown, former Council Executive Director; and additional thanks to former Council Members Laura Yamanaka, President of teamCFO, Inc. and representative for the National Association of Women’s Business Owners (NAWBO); Shelly Kapoor-Collins, CEO of Enscient Corporation; and Kristie Arslan, Principal at ACS Consulting Services, LLC. The support and efforts of these women strengthened the Council’s mission through their time of service. Additionally, the Council would like to thank Samhita Mukhopadhyay for her contribution to the Council.

Amanda Brown Laura Yamanaka Shelly Kapoor-Collins Kristie Arslan Former Council President of teamCFO, CEO of Enscient Corporation Principal at ACS Consulting Executive Director Inc. and representative Services, LLC for the NAWBO

41 Speakers, Special Guests, Partners and Allies

Vikrum Aiyer | Chief of Staff, U.S. Natalie Madeira Cofield | Founder and Frederique Campagne Irwin | Founder Karen Rands | Founder and Managing Patent and Trademark Office in the CEO of Walker’s Legacy and CEO of HerCorner Director, Kugarand Capital Holdings U.S. Department of Commerce Dr. Haile Cole | Consulting Researcher, Brodi Jackson | Co-Founder, Nagesh Rao | Senior Policy Advisor, Dr. Maryam Alavi | Dean and Professor Walker’s Legacy Vaerus Ventures Office of Investment and Innovation, at Scheller College of Business, Georgia Maria Contreras-Sweet | Administrator, Deepti Sharma Kapur | Founder U.S. Department of Small Business Institute of Technology U.S. Small Business Administration and CEO, FoodtoEat Administration Tom Alexander | Chief Operating Ami Copeland | Executive Director, Stacey Key | President and CEO, Georgia Hedy Ratner | Founder and Officer, 1871 Business Forward Minority Supplier Development Council Co-President Emerita, Women’s Business Development Center Roz L. Alford | Founder and Co-Principal, Megan Costello | Executive Director, Anzhela Knyazeva | Financial Economist, ASAP Solutions Group, LLC Mayor Martin Walsh’s Office of U.S. Securities and Exchange Commission Dr. Maya Rockeymoore | Founder, President and CEO, Global Policy Solutions Erin Andrew | Assistant Administrator, Women’s Advancement Sarah Kugler | Co-Director of the Office of Women’s Business Ownership, Kevin Deardoff | Chief for the Collaborative to Advance Equity Through John Shoraka | Associate Administrator, U.S. Small Business Administration Economy-Wide Statistics Division, Research, Anna Julia Cooper Center Government Contracting and Business Brandon Andrews | Consultant, U.S. Census Bureau (Wake Forest University) Development, U.S. Small Business Administration Values Partnerships Terri Denison | Georgia District Director, Aquila Leon-Soon | Founder and CEO, Erin Bagwell | Director and Co-Founder U.S. Small Business Administration Advance Talent Solutions Deborah Siegle | Principal, Strategic Marketing Solutions of Dream, Girl Kalisha Dessources | Policy Advisor, Teresa Lewis | Director for Office of Elaine Barber | President and CEO, White House Council on Women Small and Disadvantaged Business Kara Stein | Commissioner, U.S. Greater Houston Black Chamber and Girls Utilization, U.S. Department of Health Securities and Exchange Commission Taylor Barnes | Director, United State Rob Diamond | Special Assistant to the and Human Services Jeffrey Stout | Director, The State Small of Women, Civic Nation President and Director of Private Sector Lynn Lilly | Founder and CEO, Business Credit Initiative, U.S. Department of the Treasury Ngozi Bell | Region III Advocate, Engagement, The White House Craft Box Girls Office of Advocacy, U.S. Small Diana Doukas | Director, White House Ashley Lucas | Director, WIN Lab Boston Ann Sullivan | President, Madison Business Administration Business Council at Babson College Services Group, Inc. Jennifer Bonnett | General Jennifer Ehlen | Founder, Prosper Kat Manalac | Partner, Y Combinator Justin Tanner | Associate Director, Legislative, Education Manager, Advanced Technology Women Entrepreneurs Marianne Markowitz | Region V Development Center and Intergovernmental Affairs, U.S. Dima Elissa | CEO, VisMed-3D Administrator, U.S. Small Business Department of Commerce, Minority Melissa Bradley | Executive in Residence, Jennifer Erickson | Assistant Director for Administration Business Development Agency Kogod School of Business at American Innovation for Growth, White House Office Sarah Jane Maxted | Executive University and Inaugural Director of the Tina Tchen | Assistant to the President of Science and Technology Policy Director, Regional Entrepreneurship and Chief of Staff to the First Lady American University Center for Innovation Acceleration Program, Massachusetts in the Capital Lisa Falzone | Co-Founder and CEO, Michelle Obama and Executive Director Revel Systems Institute of Technology for the Council on Women and Girls at Anita Brearton | Co-Founder, CabinetM Ruby McCleary | Director of Supplier The White House and Managing Director, Golden Seeds Wanda Felton | Vice Chair and First Vice President at the Export-Import Bank Diversity, United Airlines Terrez Thompson | Vice Dr. Sheila Brooks | Founder, President President of Supplier Diversity Kathryn Finney | Managing Director Jane McCraken | Entrepreneur in and CEO, SRB Communications, LLC of The Coca-Cola Company and Founder, DigitalUndivided Residence, Advanced Technology Jordan Brooks | Deputy Executive Development Center Vanessa Wade | Community Relations Benita Fortner | Director, Supplier Director, White House Council on Dennis S. Melton | St. Louis Consultant at Connect The Dots Women and Girls Diversity, Raytheon District Director for the U.S. Kim Wales | Founder and CEO, Wales Diana Franco | Founding Team Jenn Brown | Executive Director, Small Business Administration Capital and CrowdBureau, LLC Civic Nation Member, GRENOUT Jessica Milano | Deputy Assistant Theia Washington-Smith | Executive Grace Fricks | President and CEO, Access Eva Brown | Vice President and Secretary, U.S. Department of the Treasury Director, The City of Atlanta’s Women’s to Capital for Entrepreneurs, Inc. Regional Community Development Sharon Miller | CEO, Renaissance Entrepreneurship Initiative Manager, U.S. Bank Beth Gitlin | Executive Director, Entrepreneurship Center Candace Waterman | Chief of weVENTURE Patricia Brown-Dixon | Region VII Komal Minhas | Producer and Staff, Certification and Program Administrator for the U.S. Small Linda Lane Gonzalez | President, Women Co-Founder of Dream, Girl Operations, Women’s Business Business Administration Presidents’ Organization, Miami Enterprise National Council Tameka Montgomery | Associate Zawadi Bryant | Co-Founder and COO Stephanie Goodell | Founder, Samaya Administrator, Office of Entrepreneurial Dr. Cheryl Watkins-Moore | Director of NighLight Pediatric Urgent Care Consulting, LLC Development, U.S. Small Business of Bioscience and Entrepreneurial Laura Burkemper | CEO and Chief Isabella Guzman | Deputy Chief of Staff, Administration Inclusion, BioSTL Business Catalyst, The Catalyst Center U.S. Small Business Administration Susan Nethero | Managing Director, Julie Weeks | President and CEO, Jewel Burks | Co-Founder and Matt Haggman | Miami Program Golden Seeds Womenable CEO, Partpic Director, Knight Foundation Maura O’Hara | Executive Director, Meredith West | Staff Director Mariama Camara | Founder and Creative Mary Louis Helbig | Executive Partner, Illinois Venture Capital Association for the Senate Committee on Small Business and Entrepreneurship Director, Mariama Fashion Production and Atomic Revenue dt ogilvie | Professor of Business Strategy, Co-Founder, There is No Limit Foundation Elise Hernandez | President and Saunders College of Business, Rochester Alyce Wilson | Director, Grace Hill’s Alejandra Castillo | National Director, CEO of Ideal System Solutions, Inc. Institute of Technology Women’s Business Center U.S. Department of Commerce, Minority Clifford Holekamp | Director, Mary Parker | President and CEO All(n)1 Rahama Wright | President and CEO, Business Development Agency Entrepreneurship Platform at Security Services, Inc. Shea Yeleen Andrea Chen | Executive Director, Washington University in St. Louis Fran Pastore | CEO and Founder, Laura Zander | Co-Founder and Propeller Cynthia Hollingsworth | Assistant Women’s Business Development Council Co-Owner, Jimmy Beans Wool Nancy Chorpenning | Founder and CEO, Division Chief, Cross Sector Statistics, Desirée Patno | CEO, National Valentina Zarya | Associate Editor, C-Suite Advisors U.S. Census Bureau Association of Women in Real Fortune Magazine Patrina Clark | President and Founder, Susan Hunt-Stevens | Founder and Estate Businesses (NAWRB) Pivitol Practices Consulting CEO, WeSpire Aaron Radez | Managing Partner, Beacon Theresa Coaxum | Region II Ginger Imster | Executive Director, Hill Partners Advocate, Office of Advocacy, Arch Grants U.S. Small Business Administration 42 43 Chapter 8 | Annual Report FY2016 Women Presidents’ Organization Organization Presidents’ Women (WIPP) (WPO) Development Business Women’s Women Impacting Public Policy Policy Public Impacting Women – Chicago Center White House Business Council House Business White Enterprise Business Women’s Women Entrepreneurs NYC NYC Entrepreneurs Women (WBENC) National Council Economic Committee Economic International WeConnect United State Congress Joint Joint Congress State United U.S. Women’s Chamber Chamber U.S. Women’s of Commerce of Commerce U.S. Small Business (SBA) Administration U.S. Federal Reserves U.S. Federal Chamber U.S. Hispanic Washington CORE, LLC CORE, Washington Communications Widmeyer Womenable Siri Terjesen LLC Ventureneer, VYD and Associates Legacy Walker’s The Story Exchange Story The The Refinery The House Council White The and Girls on Women Entrepreneurship Initiative (WEI) Initiative Entrepreneurship U.S. Black Chamber of Commerce The City of Atlanta’s Women’s Women’s of Atlanta’s City The Bureau U.S. Census Startup52 U.S. Chamber of Commerce U.S. Department of Commerce U.S. Department of State Small Business Procurement Procurement Small Business Council Advisory Small Business Majority/Accion Majority/Accion Small Business Senate Committee on Small on Small Committee Senate and Entrepreneurship Business Office of Advocacy, U.S. Small U.S. Small of Advocacy, Office Administration Business Incubator Propeller National Women’s Business Business Women’s National (NWBOC) Corporation Owners Giovanna Gray Lockhart, Gray Giovanna Essence; Michelle Ebanks, Company; Dishman, Fast Lydia McColm and Company, LLC and Company, McColm Optimal Solutions, LLC Consulting Quantitative Premier IMPAQ International, LLC International, IMPAQ Minority Business Development Development Business Minority (MBDA) Agency of Commerce of National Association Guaranteed Government Metro Atlanta Chamber Chamber Atlanta Metro (NAGGL) Leaders LMHQ of Women National Association Kiva Zip Kiva (NAWBO) Owners Business of Women National Association (NAWRB) Business Estate in Real on Small Business (ITEN) Network IT Entrepreneur House Committee House Committee Halycon Incubator Halycon HerCorner Scheller College of Business Scheller College Council Business Women’s Greater Georgia Institute of Technology, of Technology, Institute Georgia Fast Forward Fast ch Participants Valentina Valentina BizWomen; Wylie, Melissa Fortune; Anne VanderMey, Forbes; Sharp Heels; Geri Stengel, Michelle Mavres, A2F Consulting, LLC A2F Consulting, BD2, LLC CoreWoman Resear all who participated research. in FY2016 thanks Council The A. Bright Idea, LLC Researchers/Contractors Civic Nation Civic Equity Advance to Collaborative Women in Business Women Research Through Business Women’s Connecticut Capital Factory, Center for for Center Capital Factory, Center Development C-Suite Advisors C-Suite Center Business DC Women’s Business Forward Business Girl Dream, Winning EY Entrepreneurial Program Women Athena Powerlink Baltimore Powerlink Athena LP Bloomberg Astia, Business Success Center Success Astia, Business Association of Women’s Women’s of Association Centers Business Technology Center Center Technology Works AEO Kiana Amirkiaee; Kamya Arora; Gabrielle Bozarth; Sara Clark; Lex Joseph; Tara Razjouyan Joseph; Tara Lex Clark; Sara Gabrielle Bozarth; Arora; Kiana Amirkiaee; Kamya Fellows Reporters ; Team Box CNBC Squawk Bloomberg Team; Glamour; Zarya and the Fortune Broad Sheet Team Broad and the Fortune Zarya Advanced Development Development Advanced Organizations 1871/WiSTEM National Women’s Business Council 409 3rd Street SW, 5th Floor | Washington, D.C. 20416 202-205-3850 | www.nwbc.gov